Alcan Inc. announced that the board of directors of Pechiney recommended a revised mixed cash/share offer by Alcan will be acceptable.
"This is the best value alternative for Pechiney and Alcan", declared Travis Engen, president and CEO of Alcan Inc. "We're delighted that Pechiney's board of directors has determined that our offer was in the best interests of its shareholders and employees and has recommended it. This decision confirms a long held view that this combination of Alcan and Pechiney presents the strongest industrial and business opportunity for Pechiney stakeholders."
The revised offer is conditional on a more than 50% acceptance level and on "Phase I" approval by the competition authorities in the European Union and in the United States. Alcan will be filing the revised offer with the securities regulators by Tuesday, September 16th 2003.Get curated news on YOUR industry.
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