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Alcoa Merger with Reynolds Approved by Reynolds Shareholders;
Alcoa Responds to DOJ Request;
Stock Repurchases Recommence PITTSBURGH--February 11, 2000--
Alcoa is pleased that the shareholders of Reynolds Metals Company today
approved the previously announced merger agreement with Alcoa Inc. Of
the shares represented at the meeting, 87% voted in favor of the merger,
1% voted against, and 12% abstained.
Alcoa Responds to DOJ Request
Alcoa announced that it has provided the U.S. Department of Justice
(DOJ) with additional information requested in connection with DOJ’s
review of the proposed Alcoa/Reynolds merger. Alcoa believes that it is
now in substantial compliance with that request. Alcoa noted that
Reynolds today announced similar compliance with its additional
information request from DOJ.
The companies have advised DOJ that they will not close their pending
merger prior to March 31, 2000, in order to provide DOJ with sufficient
time to review the transaction. As previously announced, the pending
merger is also in a second stage review with the European Commission and
is being reviewed by various other competition authorities.
Stock Repurchases Recommence
Alcoa stated that it will immediately recommence its previously
authorized share repurchase program. The company had suspended the
program until after the Reynolds shareholder meeting held earlier today.