Under an agreement and a related consent decree, Alcan will divest Pechiney's aluminum rolling mill located in Ravenswood, WV, following its acquisition of Pechiney. The agreement resolves the only competition issue raised by the Department of Justice, which involved the concentration of suppliers in the North American market for brazing sheet.
"The agreement with the Department of Justice removes the final condition related to our tender offer for Pechiney," said Travis Engen, president and CEO of Alcan Inc. "We are pleased that, along with the clearances received from the French Conseil des Marches Financiers and the Merger Task Force of the European Commission, the offer is now ready to be launched."
Alcan confirms that its commitments to the U.S. Department of Justice and the European Commission represent about five percent of the new entity's combined unaudited pro forma revenues.Latest from Recycling Today
- Cards Recycling, Live Oak Environmental merge to form Ecowaste
- Indiana awards $500K in recycling grants
- Atlantic Alumina partners with US government on alumina, gallium production
- GP Recycling president retires
- Novelis Latchford commissions new bag houses
- UK facility focuses on magnet recycling
- Aduro revenue increases while losses widen
- Worldsteel updates its indirect steel data
