June 16, 1998 |
Aluminum Co. of America won Justice Department approval to acquire Alumax Inc. after agreeing to sell its caste plate plants, including one in Vernon, to ensure continued competition for the product. Without the divestitures, the $3.8-billion acquisition would give Alcoa a 90% market share in caste plate, which is used in machinery to make frozen-food packaging and aircraft and automotive parts. A consent decree outlining the proposed divestitures was filed in U.S.
March 10, 1998 |
Aluminum Co. of America, the world's biggest aluminum producer, agreed Monday to buy rival Alumax Inc. for $3.8 billion in cash, stock and assumed debt. Alcoa would pay $50 a share in cash for half of Alumax's outstanding shares, a 36% premium to Alumax's closing price Friday, and exchange shares valued at $49.95 each, based on Friday's price, for the rest. It would also assume $1 billion in Alumax debt.
February 23, 1996 |
Kaiser Aluminum Corp. on Thursday made public its bid for competitor Alumax Inc., in a deal valued at between $2.2 billion and $2.5 billion that would create the world's third-largest aluminum producer. Alumax earlier this month rejected the merger proposal from Houston-based Kaiser, which is controlled by Maxxam Inc., but it has indicated that it would consider a richer offer. There was no immediate response Thursday from Norcross, Ga.-based Alumax.
February 24, 1996 |
Alumax Inc., responding to Kaiser Aluminum Corp.'s unsolicited offer to buy the company for $2.2 billion to $2.5 billion in cash and stock, on Friday called the bid inadequate and said it is not seeking a sale. Investors shrugged off Alumax's response in the belief that the thriving Norcross, Ga.-based aluminum maker may consider a higher offer from Kaiser, an industry laggard and the smaller of the two companies, analysts said. Alumax shares soared 17%, closing up $5.625 at $38.
June 4, 1991 |
In the largest settlement yet in a long-running legal battle over toxic dumping at the Stringfellow Acid Pits, an aluminum manufacturer has agreed to pay $18 million to 3,800 residents of the nearby Riverside County community of Glen Avon. The tentative settlement with Alumax Inc., which is subject to court approval, was reached last week and announced Monday by Melvyn I. Weiss, a New York attorney who represents the residents.
March 4, 1996 |
Kaiser Aluminum Corp. has ended its effort to buy Alumax Inc. for between $2.2 billion and $2.5 billion, withdrawing a hostile bid that Alumax rejected last month before adopting a "poison pill" plan to deter the takeover. The move over the weekend marks the second time in a month that a hostile bidder in a major industry has been driven off by the threat of a protracted takeover battle. On Feb. 2, El Segundo-based Mattel Inc. withdrew a $5.2-billion offer for rival Hasbro Inc.