MONTREAL, Oct. 25 / -- Alcan today joined the Rio Tinto group following the successful Offer for Alcan by a subsidiary of Rio Tinto. The expanded aluminium product group, formed by the combination of Alcan and Rio Tinto's existing aluminium assets, today became the new global leader in aluminium and will be known as Rio Tinto Alcan.
Rio Tinto chief executive, Tom Albanese and Rio Tinto Alcan chief executive, Dick Evans hosted special events at Rio Tinto Alcan's Montreal headquarters and highlighted the opportunities created by bringing Alcan into the Rio Tinto Group, and the potential for continued strong growth in the aluminium sector. Similar employee events took place in Brisbane.
"I am proud to be here to welcome Alcan employees into the Rio Tinto family", said Tom Albanese. "They have built a company whose values we share.
"Rio Tinto's strategy is to create shareholder value through investing in high quality, long life, low cost assets, and Alcan is a terrific addition to the Rio Tinto group. Together, we have a fantastic opportunity to build an even stronger global aluminium business through profitable and sustainable growth."
"I am personally delighted to have the opportunity to be part of the new leader in the global aluminium industry, Rio Tinto Alcan," said Dick Evans. "With our attractive cost position, strong technology portfolio, complementary refining and smelting assets, and a strong growth pipeline, Rio Tinto Alcan's mission is to create maximum sustainable value for Rio Tinto shareholders and to fulfil our mutual commitments to all of our stakeholders," he added.
The offer for Alcan, which was recommended by the Alcan Board, was announced by Rio Tinto on 12 July 2007 and has received approvals from relevant authorities and governments globally and the support of Rio Tinto shareholders.
Both Rio Tinto and Alcan have been recognised as leading stewards of the environment and the communities in which they operate, and in putting worker safety at the top of the priority list, and this philosophy would be maintained, stressed Tom Albanese and Dick Evans.
"Rio Tinto Alcan will maintain commitments to excellence in health, safety and environmental performance, working together to ensure the economic, environmental, and social sustainability of the communities in which we operate," said Dick Evans.
A new look and logo are being introduced for the Rio Tinto Alcan product group. The new logo represents the rich heritage of both companies and signifies strength, confidence and leadership.
Rio Tinto in Canada
Rio Tinto has been an investor in Canada for decades and currently has significant business activities in the Province of Quebec (including QIT-Fer et Titane and Iron Ore Company of Canada), and the Northwest Territories (Diavik Diamond Mines).
Rio Tinto is committed to investing in the Rio Tinto Alcan presence in Canada, particularly in the Provinces of Quebec and British Columbia, in addition to locating the headquarters of the combined aluminium product group in Montreal. The product group's aluminium smelting technology research and development headquarters will also be located in Quebec.
Rio Tinto in Australia
Australia's strengths in bauxite extraction, alumina refinery operations and project development will be enhanced by locating the combined global bauxite and alumina business and associated research and development activities in Brisbane.
Rio Tinto has a significant programme of capacity growth in place following the recent announcement of the expansion at Rio Tinto's Yarwun alumina refinery, and the ongoing bauxite capacity expansion at Weipa.
Rio Tinto in France
Rio Tinto has a strong, long-term commitment to France, which it believes provides an attractive environment in which to invest, conduct business and engage in world-leading research and development. Rio Tinto recognises France's long history of expertise and research and development in aluminium technology, particularly "new cell" smelting technology and is committed to building on French innovation in this area. Rio Tinto has had operations in France since 1988 through its Talc de Luzenac business based in Toulouse.
For more information, please visit: www.riotinto.com/riotintoalcan
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.
The offer to purchase all of the issued and outstanding common shares of Alcan for US$101 per common share in a recommended, all cash transaction (the "Offer") is being made by Rio Tinto Canada Holding Inc. (the "Offeror"), an indirect wholly-owned subsidiary of Rio Tinto. The address of the Offeror is 770 Sherbrooke Street West, Suite 1800, Montreal, Quebec, H3A 1G1.
The Offer represents a total consideration for Alcan common shares of approximately US$38.1 billion.
The subsequent offering period has commenced and the Offer is open for acceptance until 6.00 p.m., Canadian Eastern Time, on November 8, 2007, unless extended.
This announcement is for information purposes only and does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security. The Offer (as the same may be varied or extended in accordance with applicable law) is being made exclusively by means of, and subject to the terms and conditions set out in, the offer and takeover bid circular delivered to Alcan and filed with Canadian provincial securities regulators and the United States Securities and Exchange Commission (the "SEC") and mailed to Alcan shareholders.
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
In connection with the Offer, an offer and takeover bid circular as well as ancillary documents such as a letter of transmittal and a notice of guaranteed delivery have been filed with the Canadian securities regulatory authorities and the SEC and an Alcan directors' circular with respect to the Offer has also been filed. A Tender Offer statement on Schedule TO (the "Schedule TO") and a Solicitation/Recommendation Statement on Schedule 14D-9 (the "Schedule 14D-9") has also been filed with the SEC.
The offer and takeover bid circular as well as other materials filed with the Canadian securities regulatory authorities are available electronically without charge at www.sedar.com. The Schedule TO and the Schedule 14D-9 are available electronically without charge at the SEC's website, www.sec.gov. Materials filed with the SEC or the Canadian securities regulatory authorities may also be obtained without charge at Rio Tinto's website, www.riotinto.com.
While the Offer is being made to all holders of Alcan common shares, this announcement 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, the Offeror may, in its sole discretion, take such action as it may deem necessary to extend the Offer in any such jurisdiction.
The Offer is made to holders in France of Alcan common shares admitted to trading on Euronext-Paris. An announcement including the main information relating to the Offer documents has been prepared and released pursuant to article 231-24 of the AMF General Regulation and contains information relating to how and in which time limit Alcan shareholders residing in France can accept this Offer. The offer document and the announcement prepared pursuant to article 231-24 of the AMF General Regulation, as amended on 17 September 2007, 23 and 24 October 2007 are available free of charge to the holders of Alcan Shares registered with Euroclear France who request it from Citi France, Global Transaction Services, Operations department, 19 le Parvis la Defense 7, 92073 Paris la Defense. They are also available on the internet at the following address: computershare.com/Rio-AlcanFrenchofferdocument.
The Offer is made to holders in Belgium of Alcan common shares and/or certificates admitted to trading on Euronext Brussels (the "IDRs"). A Belgian supplement, addressing issues specific to holders of Alcan common shares and/or IDRs in Belgium (the "Belgian Supplement") was approved by the Belgian Banking, Finance and Insurance Commission (the "BFIC") on 2 August 2007. A notice of extension of the Offer was approved by the BFIC on 18 September 2007 (the "First Supplement"). A second notice of extension of the Offer was approved by the BFIC on 23 October 2007 (the "Second Supplement"). The offer document, the Belgian Supplement , the First Supplement and the Second Supplement are available free of charge to the investors in Belgium who request it from the Belgian branch of Citibank International plc, Department GTS Operations, 4th floor, boulevard General Jacques 263G, 1050 Brussels. They are also available on the internet at the following address: http://www.computershare.com/Rio-AlcanBelgianofferdocument
Source: RIO TINTO PLC