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Period Closes for Alcoa Limited Tender Offer - Preliminary Results PITTSBURGH & OSLO--(BUSINESS WIRE)--Oct. 16, 2002--The period for
the tender offer by Alcoa (NYSE:AA) for 3.5 million shares of Elkem
closed at 5:00 PM, Tuesday October 15. Alcoa received 111,358 shares
at 175 NOK and now holds a total of 22,928,426 shares or 46.5% of
Elkem common shares.
Commenting on the results of the tender and recent trading in
Elkem, Alcoa Chairman and CEO Alain Belda said, "The tender offer was
designed to allow any Elkem shareholder not affiliated with the large
institutional shareholders to exit their Elkem investment if they
chose to do so. In the interests of fairness, Alcoa wanted to offer
smaller shareholders the same price that we had recently paid for
shares offered to us. We respect the decision of any Elkem shareholder
to retain their shares or to sell to someone else at a higher price."