which made a $28 billion unsuccessful bid for Canadian
rival Alcan Inc. proposes to move antitrust authorities
with a list of Alcan assets, including aerospace and
automotive businesses, that it may sell if the deal
goes through, reports quoting industry sources said.
merger of the two aluminium giants, which would create
the world''s largest aluminum producer, is bound to raise
anti-trust concerns, particularly in the areas of aerospace
and automobiles, where Alcan is a major operator.
plans to present the list target companies for divestment
to competition authorities in the EU, the US and Canada,
list includes a handful of Alcan plants, mainly in Europe,
that make spares for aerospace companies such as Boeing
and Airbus, and those that make brazing sheets used
in automotive applications, the source added.
sheet is material made of two alloys that is used to
create a bond in heat exchangers for automotive applications.
Industry sources estimate that Alcoa and Alcan together
may control about 70 per cent of the aerospace market.
also makes products for the packaging, building and
construction, commercial transportation and industrial
markets. It said last month that it plans to sell its
packaging business, which includes Reynolds Wrap foils.
Alco move is aimed at minimising the time needed to
get the deal completed, the source said, and head off
issues that Alcan might raise when it responds to the
which has until May 22 to respond to the offer, however,
did not comment.
offer of $58.60 per share plus 0.4108 share of Alcoa
was worth $74.92 per share, 8 per cent below the $81.07
traded at on the New York Stock Exchange.
however, feel Alcoa''s offer is below what investors
believe Alcan is worth, largely because they expect
a higher bid from Alcoa or a competing bid.