Alcoa completes FTC filing; offer for Alcan expires July 10

By Lisa Kerner

Charlotte, N.C., June 6 - Alcoa Inc. filed its required notification and report forms with the U.S. Federal Trade Commission related to its May 7 offer for Alcan Inc.

The offer gives Alcan shareholders $58.60 in cash and 0.4108 of a share of Alcoa common stock for each outstanding common share of Alcan. Both the offer and withdrawal rights are slated to expire at 5 p.m. ET on July 10.

Alcoa received a commitment letter from Citi, Goldman Sachs Credit Partners LP and Goldman Sachs Canada Credit Partners Co. to fully finance the deal.

"We remain fully committed to completing this transaction," Alcoa chairman and chief executive officer Alain J.P. Belda said in a company news release.

"We are clearly the optimal partner for Alcan, bringing a strong strategic rationale and a significant synergy footprint to this combination."

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.

Alcoa is a New York-based aluminum manufacturer.

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