Alcoa secures $30 billion credit line for Alcan acquisition

US producer Alcoa said it has secured a $30 billion syndicated credit line to fund its proposed purchase of its Canadian counterpart Alcan. Citigroup and Goldman Sachs are joint lead arrangers and joint book-running managers of the facility, which has a maturity date of Jan 10, 2009. The company has just extended its offer for Alcan from July 10 to Aug 10 in line with the timetable for getting regulatory clearance. It has just received a request for more information from the US Department of Justice, which it described as “an expected part of the process.” Speculation about a white knight appearing for Alcan or a take-over bid for Alcoa itself has never stopped since Alcoa first announced its intentions in May.