Rusal Loses Worldwide Leadership
U.S. Alcoa announced it would make a hostile bid for Canada's Alcan Inc. for nearly $33 billion. If the deal is clinched, Alcoa will win back the leading standing in the industry, which it yielded in early spring to Russian Aluminum (Rusal). But Australian BHP Billiton will probably emerge as Alcoa’s competitor for the palm of supremacy.
Alcoa will make an official bid for Alcan, having appropriated $33 billion for this purpose. To be more precise, Alcoa is ready to pay $73.2 per a stock of Alcan, including $58.6 in money and 0.4108 of Alcoa’s stock.
It will be a hostile takeover, the talks between the aluminum rivals were underway for two years but failed to result in a deal. Alcan warned the holders yesterday against responding to offer without respective decision of the company’s BOD.
If the deal is clinched, the consolidated Alcoa and Alcan will emerge as a new leader with the output of 7.8 million tons of aluminum product and the revenues of $54 billion. It will be nearly twice as big as United Rusal, which won leadership after the March consolidation.
In Rusal, they are in no hurry to lament over the loss. “We will follow the developments with interest,” representatives of Russian company said.
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All the Article in Russian as of May 08, 2007
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