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Alcoa and Reynolds Metals Extend DOJ Review PITTSBURGH, Pa. and RICHMOND, Va.--May 1, 2000--
Alcoa Inc. and Reynolds Metals Company today announced that they have
extended the previously agreed period for the DOJ Antitrust Division's
review of the proposed merger to May 8, 2000, subject to earlier
resolution by the Antitrust Division.
As previously reported, the pending merger is subject to review in other
jurisdictions, including the European Union, where a final determination
must be made no later than May 10. Reynolds shareholders approved the
merger on February 11.
Alcoa and Reynolds initially announced a definitive merger agreement
August 19, 1999. Under the terms of the agreement, Alcoa will acquire
all outstanding shares of Reynolds in a tax-free, stock-for-stock
transaction. Reynolds shareholders will receive 1.06 shares of Alcoa
common stock for each share of Reynolds common stock.