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Alcoa to Oppose Renewal of Elkem's Authority to Repurchase Shares
PITTSBURGH--(BUSINESS WIRE)--May 10, 2002--Alcoa will vote its
shares in opposition to the proposal by Elkem's board to renew its
authority to acquire its own shares. That proposal will be voted upon
at the Annual General Meeting of Elkem shareholders to be held on
Tuesday, May 14, 2002.
In February 2002, Elkem sold all its treasury shares, citing the
need to strengthen its capital base. At this time, Alcoa sees no need
to renew the board's authority to acquire shares.
According to Norwegian corporate law, the provision to renew this
authority requires approval by two-thirds of shareholders represented
at the meeting. Alcoa currently owns 40.2% of Elkem's outstanding
shares.
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