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Alcoa Acquires Additional Stake in Elkem; Will Make Legally Mandated Tender Offer
PITTSBURGH & OSLO, Norway--(BUSINESS WIRE)--Jan. 9, 2002--Alcoa
(NYSE:AA) announced today that it has raised its equity stake in Elkem
ASA (OSE:ELK), a Norwegian industrial company, above 40%. Alcoa has
had a significant minority stake in Elkem for several years, and has
held 39.5% of Elkem's shares since October 2001.
Under Norwegian securities law, Alcoa is now required to initiate
an unconditional cash tender offer for the remaining outstanding
shares of Elkem at a price equal to the highest price paid by Alcoa
during the last six months. In accordance with that law, Alcoa will
offer Elkem shareholders 155 Norwegian kroner ($17.38) for each
outstanding share. As mandated by law, the tender offer will remain
open for four weeks. Elkem currently has approximately 49,280,000
shares outstanding.
Alcoa believes that Elkem's diversified business offers a solid
value at NOK 155 per share. Alcoa expects that the current management
team of Elkem will continue to deliver growth and value for its
shareholders.
Elkem, through its 50/50 partnership with Alcoa, is the second
largest producer of aluminum in Norway. Elkem Aluminium has a
primary production capacity of 200,000 metric tons per year. Elkem is
also the world's largest supplier of silicon metal, which has become
increasingly important in aluminum castings for the automotive
industry.
Alcoa has a nearly 40-year history of operating in Norway through
joint ventures with Elkem. Together, Elkem and Alcoa own and operate
aluminum plants in Lista and Mosjoen, and have made significant
commitments to modernizing both facilities. The modernization at
Mosjoen is a joint investment of NOK 1800 million ($202 million) over
two years, and all three potlines at Lista have been converted to
Elkem's new Soderberg technology. Alcoa has also invested NOK 500
million ($56 million) in the state-of-the-art Scandinavian Casting
Center in Lista, Norway to produce structural components for cars.
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