ALCAN AUSTRALIA BIDS FOR ALCAN NEW ZEALAND
Alcan Australia Ltd <AL.S> said it will
make a 39.3 mln N.Z. Dlr cash bid for all the issued shares of
<Alcan New Zealand Ltd> at 1.80 N.Z. Dlrs each with a
four-for-three share alternative.
    Both are 70 pct owned by Canada's Alcan Aluminium Ltd <AL>
which will take the share swap option, Alcan Australia deputy
chairman Jeremy Davis said in a statement. The remainder of
Alcan New Zealand's totalled issued 21.84 mln shares are
broadly held while Alcan Australia's are primarily held by
institutions. Alcan NZ last traded at 1.55 NZ dlrs, while Alcan
Australia today ended four cents down at 1.15 dlrs.
    Davis said the offer, which is subject to approval by the
New Zealand Overseas Investment Commission, was a response to
the integration of the two countries' markets under the
Australia-New Zealand Closer Economic Relations treaty.
    Alcan New Zealand shareholders who accept the offer would
also receive the final dividend of 10 cents a share normally
payable on May 27.
    Alcan Australia would invite New Zealand representation to
its board and would apply to list its shares on the New Zealand
Stock exchange, Davis said.
 REUTER
