Posted in | News | Business | Aluminum / Aluminium

Alcoa Bid for Controlling Share in Elkem

Oct 9 2002

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It was announced today that Alcoa would initiate a tender to purchase 3.5 million shares in the Norwegian company Elkem.

They have offered to purchase the shares at 175 Norwegian kroner. If the tender is successful, Alcoa’s share in Elkem will increase from 46.3% to 53%, giving them a controlling share in the company.

Through a 50/50 joint venture with Alcoa, Elkem is the second largest aluminium producer in Norway, with a production capacity of 210,000 tons per year. Elkem are also the largest supplier of silicon in the world.

The two company’s also have a long history of co-operation, and co-own plants in Norway.

Alcoa see the purchase as a solid long-term investment. Having a controlling share will enable them to guide the company’s future

For more information on aluminium, click here.

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