Business

Alcan's unfriendly bid for Pechiney

PARIS JULY 7. Canada's Alcan in. on Monday launched an unfriendly 3.4 billion euro ($3.87 billion) cash-and-share offer for French competitor Pechiney in a renewed attempt to create the world's second largest aluminium producer after Alcoa inc. Including debt, Alcan's offer values Pechiney at 4.8 billion Euros ($5.46 billion), Alcan said.

Pechiney expressed its "surprise at this unfriendly approach" and said the offer sells the French company short. The deal values Pechiney at 41 euros ($46.65) per share, a 39 per cent premium over the company's average share price in the past month. — AFP

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