25 September 2003 07:37
CMF postpones decision on Alcan-Pechiney merger (Alcan-Pechiney: le dossier retarde par le CMF)
Yesterday the French financial markets watchdog CMF announced that it had requested more information from Alcan, the
Canadian aluminium group, regarding its proposed takeover of French aluminium group Pechiney. CMF was required to
deliver an opinion on the operation yesterday, but according to market regulations it now has another five days in which
to announce a decision, from the date it receives the requested information.
Meanwhile, the European Commission is expected to issue a positive ruling on the operation in the next few days,
without launching an in-depth inquiry. According to one source, the Commission believes that changes to the aluminium
market since it vetoed the proposed three-way merger between Pechiney, Alcan and Algroup (announced in 1999), and
particularly an increase in capacity in China and Russia, have now made a takeover possible.
Original article by T.L.M. and K.M.
Abstracted from Les Echos
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