Alcan Inc. (AL.TO: Quote, Profile , Research), object of a hostile takeover bid by aluminum-making rival Alcoa Inc. (AA.N: Quote, Profile , Research), said on Thursday it has agreed to sell its Vlissingen smelter in the Netherlands to British private equity firm Klesch & Co.
Alcan owns an 85-percent stake in Vlissingen. Dutch company Hunter Douglas (HUDN.AS: Quote, Profile , Research) holds the remaining 15-percent stake, which it will also sell to Klesch.
Alcan said the deal will include a commercial agreement to ensure ongoing billet and sheet ingot supply to Alcan's engineered product plants, as well as to Hunter Douglas and third party consumers.
The company did not release financial details of the transaction, which is expected to close during the summer.
In a statement, Alcan said it had been studying alternatives for Vlissingen since October 2006.
Vlissingen employs about 700 people, and has smelting production capacity of 200,000 tonnes, with a turnover of about $600 million in 2006, Alcan said.
Alcoa bid for Alcan earlier this month in a deal that would create the world's largest aluminum producer. Based on current share prices, the offer values Alcan at $28 billion.
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