Posted in | News | Business | Aluminum / Aluminium

Alcoa Bid for Controlling Share in Elkem

Oct 9 2002

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

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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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