remains undaunted in its pursuit of Canadian competitor
Alcoa CEO Alain Belda said in a federal filing Wednesday that the Pittsburgh-based company is moving forward with its unsolicited $27 billion cash-and-stock bid, which has already been rejected by Alcan's board. Alcoa said it plans to earn regulatory and antitrust approval both in the U.S. and in Quebec, where Alcan is based.
"Today we filed with the Federal Trade Commission and the Department of Justice the notification and report forms required under the Hart-Scott-Rodino Antitrust Improvement Act," wrote Belda in a letter submitted to the
Securities and Exchange Commission
"As we said, we are moving this process forward and this filing demonstrates our commitment to prompt satisfaction of regulatory requirements and timely resolution of any regulatory issues," he continued.
Belda also dismissed competing offers for Alcan that have been floated. Wall Street has sent Alcan up some $10 a share above the Alcoa offer on the theory that big overseas rivals such as
may step in and buy Alcan.
Similar rumors have kept shares of Alcoa rising as well. Meanwhile, activist investors at Jana Partners have demanded that Alcoa sell itself instead of pursuing what they view as an ill-considered merger play.
Belda shrugged off the consolidation talk and the shareholder critics Wednesday.
"Right now, our offer -- which is moving forward -- is the only one on the table ... and it is an offer that provides substantial returns to Alcan shareholders today, while also allowing them to take part in our future growth," Belda writes. "We believe most other potential interlopers face regulatory issues and/or cannot match our offer and the terms of the continuity agreement," he writes
Alcan rejected Alcoa's offer last month, saying it was pursuing other options. On Wednesday, an Alcan spokesman reportedly reiterated that stance.
"The board has already rejected the offer and continues to evaluate all options to maximize shareholder value," Alcan's spokesman said, according to
On Wednesday, Alcoa slid 74 cents to $39.85, and Alcan dropped 87 cents to $83.45.