Alcan's Revised Offer: Pechiney and Alcan Have Agreed on the Terms of the Liquidity Agreement Which Will Be Made Available to Beneficiaries of Pechiney Stock Options.Business Editors PARIS--(BUSINESS WIRE)--Nov. 19, 2003 Pechiney Pechiney SA was a major aluminum conglomerate based in France until it was acquired in 2003 by the Alcan corporation headquartered in Canada. Prior to its acquisition, Pechiney grew to be the world's 4th largest producer and developer of aluminum products, employing 34,000 and Alcan have agreed on the terms of the liquidity agreement which will be made available for acceptance to beneficiaries of Pechiney stock options. By entering into this liquidity agreement and subject to certain conditions, these optionees will (i) waive To intentionally or voluntarily relinquish a known right or engage in conduct warranting an inference that a right has been surrendered. For example, an individual is said to waive the right to bring a tort action when he or she renounces the remedy provided by law for such their right to obtain the registration into their shareholder account of their Pechiney shares purchased through exercise of their options and (ii) agree that these Pechiney shares would be lodged directly into the Alcan's shareholder account, in exchange for Alcan shares in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with a ratio equivalent to the consideration offered for one Pechiney share under the Offer. Accordingly, any Pechiney shares underlying stock purchase or stock subscription options for which optionees enter into this liquidity agreement will not be included in the computation Computation is a general term for any type of information processing that can be represented mathematically. This includes phenomena ranging from simple calculations to human thinking. of the number of fully-diluted Pechiney shares for purposes of the Alcan's revised tender offer. These underlying shares (except for Pechiney shares underlying stock purchase options which are held by Pechiney in treasury and would be tendered by Pechiney into the Offer) will therefore not be included in the denominator denominator the bottom line of a fraction; the base population on which population rates such as birth and death rates are calculated. denominator of the formula used to determine whether the 95% threshold has been reached for the purposes of triggering payment of the additional cash consideration provided for in the Offer. More information related to Pechiney stock options plans are included in section III 3.1 of the French response statement (note en reponse) issued by Pechiney and cleared by the French Commission des operations de bourse bourse (b  rs), term applied to a European stock exchange. The first international bourse was established in Antwerp in the 16th cent. under the visa number 03-926 dated October 27, 2003. Furthermore, in order to facilitate the success of the Offer and taking into account the commitment made by Alcan to transfer in due time to Pechiney the relevant number of Pechiney shares allowing Pechiney to deliver these Pechiney shares if at any time the remaining unexercised stock purchase options are then exercised, Pechiney has confirmed to Alcan its intention to tender into the Offer the Pechiney shares held by Pechiney in treasury and underlying the unexercised stock purchase options. In that respect, it will be proposed to the Board of Directors of Pechiney to decide to tender these shares into the Offer no later than the last day of the period during which the Offer will be reopened pursuant to Article 5-2-3-1 of the general regulation of the French Conseil des marches financiers. A French offer prospectus (note d'information) issued by ALCAN Inc. and cleared by the French Commission des operations de bourse under the visa number 03-858 dated October 2, 2003, is available on-line on the COB's website (www.cob.fr) as well as on the website www.offrepublique-alcan.com. A French response statement (note en reponse) issued by PECHINEY and cleared by the French Commission des operations de bourse under the visa number 03-926 dated October 27, 2003, is also available on-line on the COB's website (www.cob.fr) as well as on the Pechiney's website (www.pechiney.com). Pursuant to article 7 of the COB Rule book no. 2002-04, this press release was disclosed to the Commission des operations de bourse before its release. PECHINEY is an international group listed on the Paris and New York stock exchanges New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Its three core businesses are primary aluminum, aluminium conversion and packaging. Pechiney achieved sales of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 11.9 billion in 2002. It employs 34,000 employees. Certain statements in this press release that describe Pechiney's intentions, expectations or projections may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Pechiney's actual results, performance or achievement to be materially different from its intentions, expectations or projections. The forward-looking statements in this press release speak only as of its date and Pechiney undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unanticipated events. |
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