Alcoa files Hart-Scott-Rodino notification in connection with outstanding offer for Alcan

    MONTREAL and NEW YORK, June 6 /CNW Telbec/ - Alcoa Inc. (NYSE:   AA)
announced today that it filed with the U.S. Federal Trade Commission and the
Department of Justice the notification and report forms required under the
Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, relating to
its outstanding offer for Alcan Inc. (TSX: AL; NYSE:   AL).
    Alain J.P. Belda, Alcoa's Chairman and Chief Executive Officer, said, "We
remain fully committed to completing this transaction. Today's filing
demonstrates our commitment to prompt satisfaction of regulatory requirements
and timely resolution of any regulatory issues. As we have said before, it is
in the interests of both Alcan's and Alcoa's shareholders to have certainty
about our offer as soon as possible. We have a well-developed, detailed
roadmap to resolve regulatory issues through targeted divestitures in the
appropriate industry segments. We are confident that the transaction will be
approved in each relevant jurisdiction."
    "We are clearly the optimal partner for Alcan, bringing a strong
strategic rationale and a significant synergy footprint to this combination.
We also have an unparalleled ability to make commitments that meet and exceed
the terms of Alcan's Continuity Agreement with the Government of Québec and
the Investment Canada Act," continued Mr. Belda. "Our offer for Alcan is full
and fair, and provides substantial value to Alcan's shareholders. Together,
Alcoa and Alcan will create the premier diversified global aluminum company,
with a complementary portfolio of assets and enhanced growth opportunities."


    On May 7, 2007, Alcoa announced an offer to acquire all of the
outstanding common 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. When
announced, Alcoa's offer represented a 20% premium to Alcan's previous closing
price, its all-time high closing price at the time. The complete terms,
conditions and other details of the offer are set forth in the offering
documents filed with the U.S. Securities and Exchange Commission and with
Canadian securities regulatory authorities on May 7, 2007.
    The offer and withdrawal rights are scheduled to expire at 5:00 p.m.,
Eastern Daylight Saving Time on July 10, 2007, subject to extension. The offer
is subject to a number of customary conditions, including there having been
tendered in the offer at least 66 2/3% of Alcan's common shares on a fully
diluted basis, receipt of all applicable regulatory approvals, and the absence
of material adverse effects.
    As previously announced, Alcoa has received a commitment letter from
Citi, Goldman Sachs Credit Partners L.P. and Goldman Sachs Canada Credit
Partners Co. to fully finance the proposed transaction. Skadden, Arps, Slate,
Meagher & Flom LLP, Stikeman Elliott LLP, and Cleary Gottlieb Steen and
Hamilton LLP are acting as legal counsel to Alcoa. Citi, Goldman, Sachs & Co.,
BMO Capital Markets, and Lehman Brothers are acting as financial advisors.


    Alcoa is the world's leading producer and manager of primary aluminum,
fabricated aluminum and alumina facilities, and is active in all major aspects
of the industry. Alcoa serves the aerospace, automotive, packaging, building
and construction, commercial transportation and industrial markets, bringing
design, engineering, production and other capabilities of Alcoa's businesses
to customers. In addition to aluminum products and components, Alcoa also
markets consumer brands including Reynolds Wrap(R) foils and plastic wraps,
Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are
closures, fastening systems, precision castings, and electrical distribution
systems for cars and trucks. The company has 122,000 employees in 44 countries
and has been named one of the top most sustainable corporations in the world
at the World Economic Forum in Davos, Switzerland. More information can be
found at


    In connection with the offer by Alcoa to purchase all of the issued and
outstanding common shares of Alcan (the "Offer"), Alcoa has filed with the
Securities and Exchange Commission (the "SEC") a registration statement on
Form S-4 (the "Registration Statement"), which contains a prospectus relating
to the Offer (the "Prospectus"), and a tender offer statement on Schedule TO
(the "Schedule TO"). This communication is not a substitute for the
Prospectus, the Registration Statement and the Schedule TO. ALCAN SHAREHOLDERS
available electronically without charge at the SEC's website,
Materials filed with the Canadian securities regulatory authorities ("CSRA")
are available electronically without charge at Materials filed
with the SEC or the CSRA may also be obtained without charge at Alcoa's
website,, or by directing a request to Alcoa's investor
relations department at (212) 836-2674. In addition, Alcan shareholders may
obtain free copies of such materials filed with the SEC or the CSRA by
directing a written or oral request to the Information Agent for the Offer,
MacKenzie Partners, Inc., toll-free at (800) 322-2885 (English) or
(888) 405-1217 (French).
    While the Offer is being made to all holders of Alcan Common Shares, this
communication does not constitute an offer or a solicitation in any
jurisdiction in which such offer or solicitation is unlawful. The Offer is not
being made in, nor will deposits be accepted in, any jurisdiction in which the
making or acceptance thereof would not be in compliance with the laws of such
jurisdiction. However, Alcoa may, in its sole discretion, take such action as
they may deem necessary to extend the Offer in any such jurisdiction.


    Certain statements and assumptions in this communication contain or are
based on "forward-looking" information and involve risks and uncertainties.
Forward-looking statements may be identified by their use of words like
"anticipates," "believes," "estimates," "expects," "hopes," "targets,"
"should," "will," "will likely result," "forecast," "outlook," "projects" or
other words of similar meaning. Such forward-looking information includes,
without limitation, the statements as to the impact of the proposed
acquisition on revenues, costs and earnings. Such forward- looking statements
are subject to numerous assumptions, uncertainties and risks, many of which
are outside of Alcoa's control. Accordingly, actual results and developments
are likely to differ, and may differ materially, from those expressed or
implied by the forward-looking statements contained in this communication.
These risks and uncertainties include Alcoa's ability to successfully
integrate the operations of Alcan; the outcome of contingencies including
litigation, environmental remediation, divestitures of businesses, and
anticipated costs of capital investments; general business and economic
conditions; interest rates; the supply and demand for, deliveries of, and the
prices and price volatility of primary aluminum, fabricated aluminum, and
alumina produced by Alcoa and Alcan; the timing of the receipt of regulatory
and governmental approvals necessary to complete the acquisition of Alcan and
any undertakings agreed to in connection with the receipt of such regulatory
and governmental approvals; the timing of receipt of regulatory and
governmental approvals for Alcoa's and Alcan's development projects and other
operations; the availability of financing to refinance indebtedness incurred
in connection with the acquisition of Alcan on reasonable terms; the
availability of financing for Alcoa's and Alcan's development projects on
reasonable terms; Alcoa's and Alcan's respective costs of production and their
respective production and productivity levels, as well as those of their
competitors; energy costs; Alcoa's and Alcan's ability to secure adequate
transportation for their respective products, to procure mining equipment and
operating supplies in sufficient quantities and on a timely basis, and to
attract and retain skilled staff; the impact of changes in foreign currency
exchange rates on Alcoa's and Alcan's costs and results, particularly the
Canadian dollar, Euro, and Australian dollar, may affect profitability as some
important raw materials are purchased in other currencies, while products
generally are sold in U.S. dollars; engineering and construction timetables
and capital costs for Alcoa's and Alcan's development and expansion projects;
market competition; tax benefits and tax rates; the outcome of negotiations
with key customers; the resolution of environmental and other proceedings or
disputes; and Alcoa's and Alcan's ongoing relations with their respective
employees and with their respective business partners and joint venturers.
    Additional risks, uncertainties and other factors affecting forward
looking statements include, but are not limited to, the following:

    - Alcoa is, and the combined company will be, subject to cyclical
      fluctuations in London Metal Exchange primary aluminum prices, economic
      and business conditions generally, and aluminum end-use markets;
    - Alcoa's operations consume, and the combined company's operations will
      consume, substantial amounts of energy, and profitability may decline
      if energy costs rise or if energy supplies are interrupted;
    - The profitability of Alcoa and/or the combined company could be
      adversely affected by increases in the cost of raw materials;
    - Union disputes and other employee relations issues could adversely
      affect Alcoa's and/or the combined company's financial results;
    - Alcoa and/or the combined company may not be able to successfully
      implement its growth strategy;
    - Alcoa's operations are, and the combined company's operations will be,
      exposed to business and operational risks, changes in conditions and
      events beyond its control in the countries in which it operates;
    - Alcoa is, and the combined company will be, exposed to fluctuations in
      foreign currency exchange rates and interest rates, as well as
      inflation and other economic factors in the countries in which it
    - Alcoa faces, and the combined company will face, significant price
      competition from other aluminum producers and end-use markets for Alcoa
      products that are highly competitive;
    - Alcoa and/or the combined company could be adversely affected by
      changes in the business or financial condition of a significant
      customer or customers;
    - Alcoa and/or the combined company may not be able to successfully
      implement its productivity and cost-reduction initiatives;
    - Alcoa and/or the combined company may not be able to successfully
      develop and implement new technology initiatives;
    - Alcoa is, and the combined company will be, subject to a broad range of
      environmental laws and regulations in the jurisdictions in which it
      operates and may be exposed to substantial costs and liabilities
      associated with such laws;
    - Alcoa's smelting operations are expected to be affected by various
      regulations concerning greenhouse gas emissions;
    - Alcoa and the combined company may be exposed to significant legal
      proceedings, investigations or changes in law; and
    - Unexpected events may increase Alcoa's and/or the combined company's
      cost of doing business or disrupt Alcoa's and/or the combined company's

    See also the risk factors disclosed in Alcoa's Annual Report on Form 10-K
for the fiscal year ended December 31, 2006. Readers are cautioned not to put
undue reliance on forward-looking statements. Alcoa disclaims any intent or
obligation to update these forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be required by
applicable law.

For further information:

For further information: Alcoa: Tony Thene (Investors), (212) 836-2674;
Kevin G. Lowery (Media), (412) 553-1424; Brunswick: Steve Lipin; Nina Devlin,
(212) 333-3810

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