Alcan in Hostile Take Over Bid for Pechiney

In an attempt to cement its position as one of the worlds largest aluminium and packaging companies, Alcan intends to make an unsolicited offer to acquire Paris-based Pechiney. If successful, they would combine to form the largest aluminium and packaging group.

Pechiney, also a leader in primary aluminium and packaging had not been consulted about the tender offer, and feel that Alcan’s offer of 41Euro per share undervalues the stock.

Alcan have also said that, should the takeover be successful, they will relocate their global headquarters of the combined entities packaging operations to Paris. France has also been chosen as the headquarters for its European aluminium business and home for its global centre of excellence for new cell technology in primary aluminium.

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