PITTSBURGH -- Alcoa Inc. said Wednesday it had asked regulators to approve its proposed hostile takeover of Canadian aluminum rival Alcan Inc. for $27 billion.
The Pittsburgh-based company said it had filed forms for antitrust clearance with the Federal Trade Commission and the Department of Justice.
"We remain fully committed to completing this transaction," Alcoa Chief Executive Alain Belda said in a statement. "Today's filing demonstrates our commitment to prompt satisfaction of regulatory requirements and timely resolution of any regulatory issues."
Alcan officials did not immediately return a call for comment Wednesday.
Alcan last month rejected Alcoa's takeover offer as inadequate, saying in a filing with the Securities and Exchange Commission that it was exploring other options.
The company later said it would consider a sweetened buyout offer from Alcoa, or that it may even try to turn the tables and acquire Alcoa instead.
Belda reiterated Alcoa's position Wednesday: "We are clearly the optimal partner for Alcan, bringing a strong strategic rational and a significant synergy footprint to this combination."
Alcoa launched its cash-and-stock bid for Alcan on May 7, after almost two years of private talks failed to produce an agreement. The offer expires on July 10, but is subject to extension, Alcoa said.
Alcoa shares fell 74 cents to $39.85 Wednesday. Alcan shares dropped 87 cents to $83.45.
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