Sep 2 2003
Following a hostile takeover bid by Alcan for Pechiney, on July 7, Alcan have submitted an improved bid.
Alcan’s July bid was for 44.5 Euros per share. The most recent bid was for 47-48 Euros per share.
The Pechiney board rejected the new bid claiming it was insufficient in a board meeting held yesterday. Consequently, Alcan have withdrawn their offer, as it was conditional upon approval by the Pechiney board.
For more information on aluminium, click here.