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San Uk Grp.perp | LSE:BB32 | London | Bond |
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RNS Number:0880S Alcan Inc 26 February 2002 Press Release ---------------------------------------------------------------------- For immediate release Alcan Confirms Acceptance of Offer by Alouette Consortium and Announces Alliance with Hydro-Quebec Montreal, Canada - February 26, 2002 - Alcan Inc. confirmed today that its offer to purchase a 20-per-cent stake in Aluminerie Alouette has been accepted by the consortium partners and announced the formation of an alliance between Hydro- Quebec and Alcan, Quebec's largest and second largest power producers, aimed at identifying and developing opportunities in the power sector. The Memorandum of Understanding with Hydro-Quebec was signed today at Jonquiere, Quebec, in the presence of Quebec Premier Bernard Landry and Hydro-Quebec President Andre Caille. Under the terms of this agreement, the parties will explore mutually beneficial opportunities ranging from optimizing hydroelectric resources in the Saguenay-Lac-St-Jean region to provision of the power that would be required to support eventual expansion of Alcan's Alma smelter. "Together, these initiatives represent an exceptional opportunity to further strengthen Alcan's Quebec base and maximize value for shareholders," said Cynthia Carroll, president of the Alcan Primary Metal Group. Ms. Carroll expressed confidence that Alcan's purchase of Societe generale de financement du Quebec's interest in Alouette will soon be finalized, now that it has won the other partners' approval in accordance with requirements of the consortium agreement. She also welcomed the Quebec government's recent decision to allocate 500 megawatts of power to support the proposed expansion of Alouette's Sept-Iles smelter. "The Alcan/Alouette partnership will enhance Alcan's smelter system in a manner that creates value and new opportunities," Ms. Carroll said. "And, of course, the growth of a strong, viable aluminum sector in Quebec is a plus for everyone. This is a win/win situation for all the stakeholders." The Alouette transaction is expected to be finalized by the end of April 2002, following receipt of applicable regulatory approvals and the completion of due diligence investigations by Alcan. Alcan is a multinational, market-driven company and a global leader in aluminum and specialty packaging with annual revenues of US$12.6 billion in 2001. With world-class operations in primary aluminum, fabricated aluminum as well as flexible and specialty packaging, Alcan is well positioned to meet and exceed its customers' needs for innovative solutions and service. Alcan employs approximately 48,000 people and has operating facilities in 38 countries. -30- Media Contact: Mathieu Bouchard +1 (418) 699-3666 Media Contact: Marc-Brian Chamberland - Hydro-Quebec + 1 (514) 289-2200, ext. 2209 Investor Contact: Serge Michaud +1 (514) 848-8368 This information is provided by RNS The company news service from the London Stock Exchange
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