Pechiney, the French aluminium producer which dominates the European aerospace market, has been bought for €4 billion ($4.8 billion) by its Canadian rival Alcan. The deal was cleared by US and European regulators in September, and has received the consent of 92% of Pechiney's shareholders. The merged company will be larger than the USproducer Alcoa, the world's largest aluminium company, with $25.9 billion in 2002 sales compared to Alcoa's $20.3 billion; it will also dominate the European aluminium market, with $12.7 billion sales compared with Alcoa's $5 billion, and will have almost half (48%) of the European aerospace market. The deal is expected to be closed by year-end.
Source: Flight International
