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Alcoa and Reynolds Metals Extend DOJ Review to May 1 PITTSBURGH, Pa., and RICHMOND, Va.--March 20, 2000--
Alcoa Inc. and Reynolds Metals Company today announced they have agreed
to provide the U.S. Department of Justice (DOJ) additional time to
review their proposed merger. The companies agreed to extend the review
period to May 1, 2000. Alcoa and Reynolds continue to believe that the
merger will be approved and expect completion in the first half of 2000.
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.