March 15, 2000 |
Alcoa Inc. said that it will acquire Cordant Technologies Inc. for $2.3 billion in a deal that would give the world's largest aluminum company a stronger presence in aerospace and automotives, plus new access to the burgeoning market for industrial gas turbines. The acquisition of the aerospace and industrial technology company would boost Alcoa revenue to $23.5 billion from $16.3 billion when added to Alcoa's pending merger with Reynolds Metals Co.
August 20, 1999 |
Reynolds Metals Co. on Thursday accepted a sweetened $4.4-billion, all-stock bid from Alcoa Inc., the world's top aluminum producer, swiftly ending a hostile takeover in the long-depressed industry. The transaction came just four days after Reynolds, the third-largest aluminum producer, rejected a $4.1-billion cash-and-stock bid from Alcoa and said it would explore a sale. With the purchase of Reynolds, Alcoa would retain its spot as the No.
August 17, 1999 |
Alcoa Inc. said Monday that it planned to launch a hostile $4.2-billion bid for rival Reynolds Metals Co., which rejected a friendly cash-and-stock offer. Pittsburgh-based Alcoa, the world's largest producer of aluminum, said it will launch a cash tender offer this week for Reynolds' 64.4 million outstanding shares, seek to remove the company's anti-takeover defense and try to oust its 11-member board. The move came a day after Richmond, Va.-based Reynolds, the No.
August 16, 1999 |
Reynolds Metals Co. on Sunday rejected a multibillion-dollar takeover bid by Alcoa Inc. as inadequate, a decision that is likely to set off a bidding scramble for the No. 3 aluminum manufacturer.
August 14, 1999 |
Reynolds Metals Co. got an all-cash takeover offer from a small investment firm, Michigan Avenue Partners, that rivals a half-cash, half-stock offer from Alcoa Inc., the investment firm said. The value of the offer for North America's No. 3 aluminum producer wasn't disclosed, though Chicago-based Michigan Avenue Partners said its offer beats the Alcoa bid. Alcoa valued its offer at $5.6 billion, without providing additional details. At $65 a share, the deal would be worth only $4.
August 12, 1999 |
The struggling world aluminum industry was thrown into tumult Wednesday when its biggest producer, Alcoa Inc., launched an unsolicited bid to buy U.S. rival Reynolds Metals Co. only hours after aluminum producers in Canada, France and Switzerland unveiled their own merger plans.