ALCAN AUSTRALIA BIDS FOR ALCAN NEW ZEALAND

  Alcan Australia Ltd &lt;AL.S> said it will
  make a 39.3 mln N.Z. Dlr cash bid for all the issued shares of
  &lt;Alcan New Zealand Ltd> at 1.80 N.Z. Dlrs each with a
  four-for-three share alternative.
      Both are 70 pct owned by Canada's Alcan Aluminium Ltd &lt;AL>
  which will take the share swap option, Alcan Australia deputy
  chairman Jeremy Davis said in a statement. The remainder of
  Alcan New Zealand's totalled issued 21.84 mln shares are
  broadly held while Alcan Australia's are primarily held by
  institutions. Alcan NZ last traded at 1.55 NZ dlrs, while Alcan
  Australia today ended four cents down at 1.15 dlrs.
      Davis said the offer, which is subject to approval by the
  New Zealand Overseas Investment Commission, was a response to
  the integration of the two countries' markets under the
  Australia-New Zealand Closer Economic Relations treaty.
      Alcan New Zealand shareholders who accept the offer would
  also receive the final dividend of 10 cents a share normally
  payable on May 27.
      Alcan Australia would invite New Zealand representation to
  its board and would apply to list its shares on the New Zealand
  Stock exchange, Davis said.
  

