In a sign that it is pressing ahead with its unsolicited takeover bid for Canada's Alcan Inc., Alcoa Inc. announced yesterday it has filed with the U.S. Federal Trade Commission and the Department of Justice the notification and report forms required under the Hart-Scott-Rodino Antitrust Improvement Act relating to its outstanding offer for Alcan.
Alain Belda, Alcoa's chairman and chief executive officer, said the company remains "fully committed to completing this transaction."
Last month, Alcoa announced an offer to acquire all of the outstanding common shares of Alcan for $58.60 U.S. in cash and 0.4108 of a share of Alcoa common stock for each outstanding common share of Alcan. When announced, Alcoa's offer represented a 20-per-cent premium to Alcan's previous closing price, its all-time high closing price at the time. It values Alcan at about $28 billion U.S.
The offer and withdrawal rights are scheduled to expire on July 10, 2007, subject to extension, Alcoa said.
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