Alcan Receives Share Acquisition Offer

Alcan Inc. announced that it has received from Alcoa notice of intent to file an unsolicited offer to acquire all of the outstanding shares of Alcan for $58.60 in cash and 0.4108 of a share of Alcoa common stock for each outstanding common share of Alcan. Alcan's board of directors will consider the proposal and how it could impact the interests of its shareholders and other stakeholders. The board recommended that its shareholders defer making any decision until it has had an opportunity to fully review the expected offer and to make a formal recommendation as to its merits.