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PITTSBURGH--June 15, 2000--
Alcoa Inc. announced today the completion of its $21 per share cash
tender offer for all outstanding publicly held shares of common stock of
Howmet International Inc. The tender offer expired at 12:00 Midnight
Eastern Daylight Savings Time (EDST) on Wednesday, June 14, 2000, at
which time approximately 14,562,735 shares of Howmet common stock were
validly tendered, including guaranteed deliveries. Payment for the
shares of the stock purchased during the initial offering period will be
made promptly through ChaseMellon Shareholder Services, L.L.C., the
depositary for the tender offer. After payment for the deposited shares,
Alcoa will own approximately 99.2% of the total issued and outstanding
shares of Howmet common stock.
As previously announced, Alcoa will provide a subsequent offering period
of three business days for the Howmet tender offer, which begins today
at 9:00 a.m. EDST and expires at 12:00 Midnight EDST on Monday, June 19,
2000. The same price paid during the initial offering is extended
through the subsequent offering period: $21 per share, net to the seller
in cash, to Howmet stockholders. Shares that are tendered during the
subsequent offering period may not be withdrawn.
Editorial Contact: Joyce A. Saltzman
1 412 553 4467
Investor Relations: Charles D. McLane
Randall J. Killeen
1 412 553 2231
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