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PITTSBURGH--June 17, 1998--
Alcoa (NYSE: AA) announced today that it accepted 27,540,000 shares of
common stock of Alumax Inc. (NYSE: AMX) for payment in connection with
its $50 per share cash tender offer. This represents approximately 51%
of the total outstanding Alumax shares.
The tender offer expired at 5:00 p.m., EDT, yesterday. At that time,
48,735,112 shares had been tendered or guaranteed, resulting in a
preliminary proration factor of 56.51%. The final proration factor will
be determined by a depositary (First Chicago Trust Company of New York)
within a few days.
As previously announced, the tender offer will be followed by a merger
in which the remaining outstanding shares of Alumax common stock will be
converted into .6975 of a share of Alcoa common stock. The proposed
merger is subject to the approval by a majority of Alumax stockholders
at a special meeting in late July. Proxy materials will be mailed to
Alumax stockholders shortly.
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