Alcan Inc. confirmed that it had been in discussions with Pechiney on the terms of a proposal for an increase in its offer for all of Pechiney's securities.
Alcan's revised proposal was conditional upon it being recommended by Pechiney's Board for acceptance by its shareholders. Alcan's improved cash and share proposal would have provided for a maximum of Euro 47 to 48 per Pechiney share. In entering discussions with Pechiney and making this proposal, Alcan sought to create an opportunity to facilitate and accelerate the integration of the two companies.
Pechiney advised Alcan on August 31 that its board of directors did not accept Alcan's revised proposal. Consequently, it lapsed and discussions have ended. The company has labeled Alcan’s bid as hostile, since the initial bids were unsolicited.
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