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Alcoa Makes $33 billion-offer for Alcan

$73.25 per share in cash in stock; Offer begins May 8

May 6, 2007--Alcoa Inc. announced it will offer to acquire all of the outstanding common shares of Alcan Inc. for $58.60 in cash and 0.4108 of a share of Alcoa common stock for each outstanding common share of Alcan. The offer, which has a value of $73.25 per Alcan share, will begin on May 8.

The Alcoa offer represents a 32% premium to Alcan's average closing price on the NYSE over the last 30 trading days, and a 20% premium to Alcan's closing price on May 4, its all-time high.

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