Alcoa Receives Hart-Scott-Rodino Request for Additional Information in Connection with Outstanding Offer for Alcan
Alcoa Inc. announced that it has received a request for additional information from the Antitrust Division of the U.S. Department of Justice ("DOJ") regarding its outstanding offer for Alcan Inc. The information request was issued under the notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
The effect of the second request is to extend the waiting period imposed by the HSR act until thirty days after Alcoa has substantially complied with the second request, unless that period is extended voluntarily by Alcoa or terminated sooner by the DOJ. Alcoa will continue cooperating with the DOJ's review, and will comply with the second request as soon as possible.
Alain J.P. Belda, Alcoa's Chairman and Chief Executive Officer, said, "This request for additional information from the DOJ is a normal and expected part of the regulatory process. As we have said before, we have a well-developed, detailed roadmap to resolve regulatory issues through targeted divestitures in the appropriate industry segments. We remain confident that the transaction will be approved in each relevant jurisdiction."
Belda added, "We continue to believe that a combination of Alcoa and Alcan makes strong strategic sense. Given the changing dynamics of our industry over the past decade and the growth of increasingly formidable competitors around the world, a combination of Alcoa and Alcan will be well-positioned to compete in the global aluminum market."
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