Alcan rejects Alcoa’s takeover offer Skip to content

Alcan rejects Alcoa’s takeover offer

Canadian aluminum company Alcan rejected the takeover offer from US aluminum company Alcoa yesterday. Alcoa is the mother company of the smelter in Reydarfjördur, east Iceland, while Alcan operates the smelter near Reykjavík.

Alcoa’s takeover offer for Alcan’s entire share capital was USD 33 billion (EUR 25 billion). Had Alcan accepted the offer, Alcoa would have become the world’s largest aluminum conglomerate, Morgunbladid reports.

According to a statement from Alcan, the company’s board was unanimous in their decision not to accept Alcoa’s offer. Alcan CEO Yves Fortier said the offer had not reflected the company’s value or potential growth.

Alcoa CEO Alain Belda said the offer had been made following two years of discussion between the management of the two companies. Belda said both companies would profit from a merger.

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