Alcoa to take over Alcan? Skip to content

Alcoa to take over Alcan?

US aluminum giant Alcoa announced plans Monday to take over Canadian aluminum company Alcan, which both own smelters in Iceland: Alcoa in Reydarfjördur, Eastfjords, and Alcan in Hafnarfjördur, near Reykjavík.

An informal takeover offer amounts to nearly USD 33 billion (EUR 24 billion), Fréttabladid supplement Markadurinn reports.

Bank of America recently upgraded its estimation of Alcan’s shares from USD 62 (EUR 46) to USD 82 (EUR 61) per share. Financial experts believe other aluminum companies may want to invest in Alcan as well.

Alcoa and Alcan have discussed cooperation for nearly two years, which has not been successful, thus Alcoa is planning a takeover.

According to information from Alcan in Iceland, the news about the takeover came as a surprise.

Sign up for our weekly newsletter

Get news from Iceland, photos, and in-depth stories delivered to your inbox every week!

* indicates required

Subscribe to Iceland Review

In-depth stories and high-quality photography showcasing life in Iceland!

Share article

Facebook
Twitter