Sep 30 2003
The French Conseil des marches financiers (CMF) have declared Alcan’s take over offer for Pechiney is "receivable". This will allow Alcan to take the offer to the Pechiney shareholders
The decisions was reached after constructive discussions between both parties where Alcan was able to explain the terms of their offer.
Alcan’s bid has also been given clearance by the European Commission under the Merger Regulation. This involved agreeing to divest either its 50% share in the AluNorf rolling mill and its Gottingen and Nachterstedt rolling mills, including their Latchford castings operation, or else Pechiney’s rolling mills at Neuf-Brisach, Rugles and Annecy. In addition to this they have agreed to licence alumina refining technology, aluminium smelter cell technology and anode baking furnace designs. They will also eliminate overlap between Alcan and Pechiney’s activities in aerosol cans and aluminium cartridges.
Furthermore, the Alcan/Pechiney deal has been approved by the US Department of Justice. This requires the divestment of Pechiney’s rolling mill in West Virginia to resolve competition issues raised by the Department of Justice.
These clearances pave the way for the merger of the two aluminium giants to continue.
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