Alcoa Initiates Mandated Offer for Elkem; Pleased with Response to Increased Ownership.Business Editors PITTSBURGH & OSLO, Norway--(BUSINESS WIRE)--Jan. 23, 2002 Alcoa announced today that it has initiated a legally mandated, unconditional HEIR, UNCONDITIONAL. A term used in the civil law, adopted by the Civil Code of Louisiana. Unconditional heirs are those who inherit without any reservation, or without making an inventory, whether their acceptance be express or tacit. Civ. Code of Lo. art. 878. UNCONDITIONAL. cash tender offer for Elkem at 155 Norwegian Norwegian associated in some way with Norway. Norwegian buhund, Norwegian sheepdog a medium-sized (26-40 lb), spitz-type dog with a short, dense coat in wheaten, black, red or sable, sometimes with black markings on the face, ears kroner ($17.32) for each outstanding share. The tender offer will expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. on February 22, 2002. Alcoa currently owns 40% of Elkem's 49,280,000 outstanding shares. Since crossing the 40% ownership threshold earlier this month, Alcoa has been in touch with Elkem's management, its union representatives, and government officials in Norway. "We are pleased with the response we have received to our increased ownership of Elkem," said Alain Belda, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Alcoa. "We believe the company is a good value at NOK NOK In currencies, this is the abbreviation for the Norwegian Krone. 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. 155 per share, and expect that the current management team will continue to deliver profitable growth for its shareholders." Elkem, through its 50/50 partnership with Alcoa, is the second largest producer of aluminum in Norway. Elkem Aluminium has an annual primary production capacity of 200,000 metric tons. Elkem is also the world's largest supplier of silicon metal. |
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