Alcoa's offer for Alcan now slated to end in August

By Lisa Kerner

Charlotte, N.C., July 9 - Alcoa Inc. extended its offer to acquire all of the outstanding common shares of Alcan Inc. to 5 p.m. ET on Aug. 10 from 5 p.m. ET on July 10. The extension gives Alcan shareholders additional time to consider the offer as Alcoa awaits regulatory approvals, a company news release stated.

The transaction is slated to close by the end of 2007.

Alcoa offered to acquire Alcan for $58.60 in cash and 0.4108 of a share of Alcoa common stock in a deal valued at an estimated $33 billion.

On Friday, Alcoa said it received a request for more information from the Antitrust Division of the U.S. Department of Justice, extending the Hart-Scott-Rodino waiting period.

About 418,500 Alcan common shares had been deposited and not withdrawn under Alcoa's offer to date.

Alcoa is a New York-based aluminum manufacturer. Montreal-based Alcan is a materials company specializing in bauxite mining, alumina processing, primary metal smelting, power generation, aluminum fabrication, engineered solutions and specialty packaging.

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