Alcoa offers to buy Reynolds
Wednesday, Aug. 11, 1999 | 10:36 a.m.
THE ASSOCIATED PRESS
PITTSBURGH -- Alcoa Inc. today offered to buy Reynolds Metals Co. for $5.6 billion in cash and stock, moving to thwart rival Alcan Aluminium Ltd.'s effort to become the world's biggest aluminum producer.
Alcoa's unsolicited bid comes hours after Alcan said it would buy French competitor Pechiney SA and the aluminum and packaging units of Zurich-based Algroup for $9.2 billion in stock. Alcan, now the second-biggest producer, would vault past Alcoa if its proposed transaction wins regulatory approval.
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