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Alcoa said it adopted an anti-takeover plan.

April 09, 1985

Aluminum Co. of America said it will seek shareholder approval at its annual meeting May 10 of two measures aimed at discouraging acquisitions of its stock: One would prevent so-called greenmail by forbidding the company from paying a premium to repurchase shares from holders of 5% or more of the voting stock without approval by a majority of shareholders. The other would stagger directors' terms--a third being elected each year--to discourage a third party from effecting "an unreasonable, sudden or surprise change in the composition of the board without the support of incumbent directors."

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