Alcan
Alcan Inc. is Canada's largest aluminum company and the world's second largest behind Alcoa. Alcan mines bauxite (aluminum ore) and makes and recyles aluminum sheets, foil, wire and cable, and parts for doors, windows and auto parts. Alcan operates in more than 42 countries and sells to the packaging, transportation, and construction industries.In 1999, Alcan made a failed attempt to make a three-way merger between it and Algroup (Alsuisse Lonza Group) of Switzerland and Pechiney of France. The proposed merger was blacked by the European Commission due to fears of anti-competition. After the deal fell through, Alcan acquired Algroup in 2000. Former shareholders of Algroup now own about 34% of Alcan.
On July 7, 2003, Alcan announced an offer to Pechiney shareholders to acquire the French company. Pechiney did not want to be acquired and told its shareholders to reject the offer because Alcan's buying price was too low. Later Alcan raised its bid and Pechiney reluctantly accepted the hostile takeover. The merger still must receive EU approval in order to go through. The proposed combination would create the world's largest alumium company ranked by sales, with $24 billion in sales, compared to Alcoa's sales of $20 billion.
Alcan is based in Montreal, Quebec and had revenues of $12.5 billion and 54,000 employees worldwide in 2002.
Alcan is also one of the common names for the highway that connects Fort Nelson, British Columbia, Canada with Fairbanks, Alaska, in the United States. The name originates from ALaska CANada highway.
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