PARIS: France's Pechiney SA has spurned an unsolicited 3.4 billion euros takeover bid from Canada’s Alcan Inc, setting the stage for a battle of will between the two rival aluminium producers.
In a message to its shareholders yesterday, Pechiney said: “The price proposed by Alcan is clearly inadequate, when taking into account the company’s industrial, technological and intangible assets, and in no way reflects its true strategic value.”
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