Alcan snubs Alcoa bid as paltry

Canadian giant Alcan on Tuesday snubbed US rival Alcoa's bid to create the world's biggest aluminum company, calling the former parent's $33bn hostile bid for Alcan paltry.

Alcan's board "unanimously recommends shareholders reject Alcoa Inc's unsolicited offer to acquire Alcan," said a company statement.

"It does not adequately reflect the value of Alcan's extremely attractive assets, strategic capabilities and growth prospects; does not offer an appropriate premium for control of Alcan; and is highly conditional and uncertain," Alcan chairperson Yves Fortier said.

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- Posted: 2007-05-23 10:17:16

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