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Alcoa Initiates Tender Offer for 3.5 Million Elkem Shares
PITTSBURGH and OSLO, Norway--(BUSINESS WIRE)--Oct. 2, 2002--Alcoa
(NYSE:AA) announced today that it has initiated a cash tender offer
for 3.5 million shares in Elkem (OSE:ELK) at 175 Norwegian kroner per
share. Alcoa, which currently owns 46.3% of Elkem's outstanding
shares, will buy the shares on a "first come, first served" basis. To
protect smaller shareholders, Alcoa will also accept all tenders from
holders of 1000 shares or less.
"We believe that Elkem is a solid long-term investment, and we
would like to be in a position to set the company's future direction,"
said Alain Belda, Chairman and CEO of Alcoa.
The tender offer will formally open on October 3, 2002 at 10:00
a.m. and close on October 15, 2002 at 4:00 p.m. (Oslo time.)
The offer document will be available as follows:
Distributed to all Elkem shareholders registered in the VPS
share registry as of October 2, 2002 by mail.
By phone from ABG Sundal Collier at +47 22 01 59 94.
Payment will be settled after the close of the tender offer.
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 210,000 metric tons per year. Elkem is also the
world's largest supplier of silicon metal.
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. Alcoa 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.
The offer is not being made and will not be made directly or
indirectly in, or by use of the mails of, or by any means or
instrumentality of interstate commerce or foreign commerce of, or any
facilities of a national securities exchange of, the United States of
America. This includes, but is not limited to, facsimile transmission,
electronic mail, telephone and the internet. Copies of any offering
documents are not being, and must not be, mailed or otherwise
transmitted or distributed into the United States of America. Any
purported acceptance of the offer resulting directly or indirectly
from a violation of these restrictions will be invalid. This document
is not an offer to purchase or a solicitation of an offer to sell in
the United States of America.