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Foundry Daily News

07. May 2007

Alcan responds to Alcoa announcement

Alcan Inc. today announced that it has received from Alcoa notice of intent to file an unsolicited offer to acquire all of the outstanding shares of Alcan for US $58.60 in cash and 0.4108 of a share of Alcoa common stock for each outstanding common share of Alcan.

Consistent with its obligations and focus on delivering value to shareholders, Alcan's Board of Directors will consider the proposal and how it could impact the interests of Alcan's shareholders and other stakeholders.

Alcan's Board of Directors and management remain committed to building and delivering value for shareholders and other stakeholders, and believe that Alcan's strategy and recent performance and accomplishments clearly demonstrate this commitment.

Alcan recommends that its shareholders defer making any decision until the Board has had an opportunity to fully review the expected offer and to make a formal recommendation as to its merits. Shareholders will be promptly notified of any recommendation by the Board through a news release and circular in accordance with applicable securities laws.

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