Unperturbed Alcan Says No To Strategic Partner Offer

Meanwhile, Alcan remained unperturbed over the revised offer by Sterlite Industries for Indal, in which the Canadian company holds 34.5 per cent.

Suresh Thadani, chief financial officer, of Alcan said the situation has not changed in any way. We are major shareholders and are not ineterested in selling or having Sterlite as a strategic partner, he added.

Sterlites higher for a minimum of 20 per cent has to be seen in the context of Indals shareholding pattern, Thadani said. Alcan holds 34.5 per cent and does not intend to sell. That means a large chunk of shares is not available for Indal, he said. He reiterated that Alcan is not interested in forming a strategic alliance with Sterlite.

 

The board of Indal would meet soon to decide its strategy and Thadani said the board would make an independent decision keeping all facts in mind. We are major shareholders and have representation, but we dont control the board. The board is professional and has our backing he added. Alcan and Indal strategy would evolve over a period of time as the date for the open offer is still one month away.