Alcoa receives HSR request

By Devika Patel

Knoxville, Tenn., July 6 - Alcoa Inc. announced today that it has received a request for additional information from the Department of Justice's Antitrust Division related to its May 7 offer to acquire Alcan Inc.

The request extends the 30-day Hart-Scott-Rodino waiting period until 30 days after Alcoa has substantially complied with the second request. Alcoa said it will comply with the second request as soon as possible.

"This request for additional information from the DOJ is a normal and expected part of the regulatory process. ... We remain confident that the transaction will be approved in each relevant jurisdiction," Alain J.P. Belda, Alcoa's chairman and chief executive officer, said in a press release.

As previously reported, Alcoa offered to acquire all of the outstanding common shares of 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. When announced, Alcoa's offer represented a 20% premium to Alcan's previous closing price, its all-time high closing price at the time. At least 66 2/3% of Alcan's common shares must be tendered as a condition of the offer.

Alcoa is targeting completion of the transaction by the end of 2007.

The offer and withdrawal rights are scheduled to expire on Tuesday.

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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