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PITTSBURGH & OSLO, Norway--(BUSINESS WIRE)--Feb. 22, 2002--Alcoa
(NYSE:AA) has acquired 59,388 Elkem ASA (OSE:ELK) shares at 155
Norwegian kroner ($17.32) per share through a mandatory tender offer
that expired Feb. 21. Alcoa was required under Norwegian law to
initiate the tender offer once it raised its equity stake above 40% in
January. Alcoa has had a significant minority stake in Elkem for
several years and now holds 40.2% of Elkem's shares.
Alcoa continues to believe that Elkem's diversified business is
well run by current management, but that current market conditions do
not warrant further increasing its ownership level in Elkem at this