Alcan withdraws planned consent solicitation for several series of bonds

By Jennifer Chiou

New York, Dec. 19 - Alcan Inc. announced the withdrawal of a planned consent solicitation to amend the indentures of its 6¼% debentures due 2008, 6.45% debentures due 2011, 4 7/8% global notes due 2012, 4½% global notes due 2013, 5.2% global notes due 2014, 5% global notes due 2015, 7¼% debentures due 2028, 7¼% debentures due 2031, 6 1/8% global notes due 2033 and 5¾% global notes due 2035.

Alcan noted that its action will allow it to reconsider the structure of the proposed solicitation in the light of a recent tax development.

The company announced plans for the solicitation on Dec. 11.

Any questions should be directed to JP Morgan Liability Management team (866 834-4666).

On Aug. 8, the government of Quebec approved Rio Tinto plc's offer for Alcan, noting that the deal meets the terms of a 2006 continuity agreement between Alcan and the government as part of a U.S. investment program for the Saguenay-Lac-Saint-Jean region.

On July 12, Rio Tinto offered to acquire Alcan for $101 per share in an all-cash transaction valued at $38.1 billion. Alcoa Inc. withdrew its offer for Alcan as a result. Alcan had rejected the New York-based aluminum manufacturer's offer to acquire the company in a cash and stock deal valued at $33 billion.

Montreal-based Alcan is a materials company specializing in bauxite mining, alumina processing, primary metal smelting, power generation, aluminum fabrication, engineered solutions and specialty packaging. Rio Tinto is a mining group based in London.

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