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Alcoa Notified of Hart Scott Rodino Filing by Highfields Capital
NEW YORK--(BUSINESS WIRE)--Alcoa (NYSE:AA) today announced it received an official notification on
Friday, July 25 2008, that Highfields Capital has filed under the Hart
Scott Rodino Act its intention to acquire up to approximately eight
percent of Alcoa's common shares, inclusive of the approximately two
percent of Alcoa’s common shares Highfields’
affiliated funds already own.
“In the course of our meetings with major
investors, we have met with the senior management of Highfields and
believe we understand their views,” said Alcoa
Chief Executive Officer, Klaus Kleinfeld. “We
are committed to generating shareholder value and have a detailed plan
in place to deliver profitable growth, leverage the Alcoa advantage, and
execute in a disciplined and rigorous manner."
About Alcoa
Alcoa is the world leader in the production and management of primary
aluminum, fabricated aluminum and alumina combined, through its active
and growing participation in all major aspects of the industry. Alcoa
serves the aerospace, automotive, packaging, building and construction,
commercial transportation and industrial markets, bringing design,
engineering, production and other capabilities of Alcoa's businesses to
customers. In addition to aluminum products and components including
flat-rolled products, hard alloy extrusions, and forgings, Alcoa also
markets Alcoa® wheels, fastening systems,
precision and investment castings, and building systems. The Company has
97,000 employees in 34 countries and has been named one of the top most
sustainable corporations in the world at the World Economic Forum in
Davos, Switzerland. More information can be found at www.alcoa.com
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