MONTREAL, MELBOURNE, and LONDON, Oct. 10 /PRNewswire-FirstCall/ --
Rio Tinto and Alcan today named the executive management team drawn
from leaders of both companies that will form the functional and
operating structure of Rio Tinto Alcan and will be instrumental in
the integration. The organization is conditional, and will become
effective, upon the completion of Rio Tinto's acquisition of Alcan
Inc., expected in the fourth quarter of 2007. Dick Evans, Alcan's
president and chief executive offer, will become chief executive of
the combined aluminium product group, Rio Tinto Alcan, based in
Montreal, and will report directly to Rio Tinto's chief executive,
Tom Albanese. Tom Albanese, Rio Tinto chief executive, stated: "As
we approach the closing of the transaction, it's important to hit
the ground running with a strong executive team that can begin to
capitalize right away on our leadership position in the aluminium
industry. I am very pleased to have Dick Evans leading an
outstanding team drawn from the leaders of both Rio Tinto and
Alcan." Dick Evans commented, "The new Rio Tinto Alcan executive
team will be comprised of industry leaders with proven track
records in their respective roles, and they are an experienced,
talented, and well-respected group of professionals. I look forward
to working with each of them to create a new world leader in the
aluminium industry, and also as part of an extremely strong,
diversified global organization. " The leaders of Rio Tinto Alcan's
Business Units, responsible for the strategic and operational
performance of Rio Tinto Alcan's businesses worldwide and reporting
directly to Dick Evans, will be as follows: Steve Hodgson:
President & chief executive officer, Bauxite and Alumina, Rio
Tinto Alcan. His responsibilities will include bauxite mines,
alumina refineries and specialty alumina businesses worldwide. The
Bauxite and Alumina Business Unit headquarters will be located in
Brisbane, Australia. Jacynthe Cote: President & chief executive
officer, Primary Metal, Rio Tinto Alcan. Her responsibilities will
include all primary metal facilities and power generation
installations worldwide. The Business Unit headquarters will be
located in Montreal, Canada. Christel Bories: President & chief
executive officer, Engineered Products, Rio Tinto Alcan. Her
responsibilities continue to include Aerospace, Transportation and
Industry (ATI), Extruded Products, Alcan International Network,
Engineered and Automotive Solutions, Cable, Composites, and
Specialty Sheet. The Engineered Products Business Unit headquarters
will continue to be located in Paris, France. Until the completion
of its planned divestiture, announced in July 2007, Packaging will
report to Dick Evans and be led by: Ilene Gordon: President &
chief executive officer, Packaging, Rio Tinto Alcan. Her
responsibilities will continue to include Food packaging, Beauty
packaging, Tobacco packaging and Pharmaceutical packaging. The
Packaging headquarters will continue to be located in Paris,
France. The Rio Tinto Alcan executive staff functions of Finance,
Human Resources and Communications & External Relations,
reporting to Dick Evans, will be led by: Phillip Strachan will lead
the Finance function at Rio Tinto Alcan. He will also be
responsible for Business Planning and Analysis, Information Systems
& Technology, and Business Improvement, as well as co-leader of
the Rio Tinto Alcan integration. Jean-Christophe Deslarzes will
lead the Human Resources function at Rio Tinto Alcan. He will also
be responsible for Health, Safety and Environment (HSE), as well as
co-leader of the Rio Tinto Alcan integration. Corey Copeland will
lead the Communications & External Relations function at Rio
Tinto Alcan. He will also be responsible for Government Relations
and Sustainable Development. Two additional functional leaders,
Legal and Business Development, will be announced at a future date.
Until these announcements are made, business will be conducted as
usual in these areas. About Rio Tinto Rio Tinto is a leading
international mining group headquartered in the UK, combining Rio
Tinto plc, a London listed company, and Rio Tinto Limited, which is
listed on the Australian Securities Exchange. Rio Tinto's business
is finding, mining, and processing mineral resources. Major
products are aluminium, copper, diamonds, energy (coal and
uranium), gold, industrial minerals (borax, titanium dioxide, salt,
talc) and iron ore. Activities span the world but are strongly
represented in Australia and North America with significant
businesses in South America, Asia, Europe and southern Africa. The
Sharing Agreement (the agreement relating to the regulation of the
relationship between Rio Tinto plc and Rio Tinto Limited following
the dual listed companies merger) provides for the public
shareholders of Rio Tinto plc and Rio Tinto Limited to vote as a
joint electorate on all matters which affect shareholders of both
companies in similar ways. These are referred to as Joint
Decisions. Joint Decisions are voted on a poll. To facilitate the
joint voting arrangements, each company has entered into
shareholder voting agreements. Each company has issued a Special
Voting Share to a special purpose company held in trust by a common
trustee. Rio Tinto plc has issued its Special Voting Share (RTP
Special Voting Share) to RTL Shareholder SVC and Rio Tinto Limited
has issued its Special Voting Share (RTL Special Voting Share) to
RTP Shareholder SVC. The total number of votes cast on Joint
Decisions by the public shareholders of one company are voted at
the parallel meeting of the other company. About Alcan Alcan Inc.
(NYSE, TSX: AL) is a leading global materials company, delivering
high quality products and services worldwide. With world-class
technology and operations in bauxite mining, alumina processing,
primary metal smelting, power generation, aluminum fabrication,
engineered solutions as well as flexible and specialty packaging,
today's Alcan is well positioned to meet and exceed its customers'
needs. Alcan is represented by 68,000 employees, including its
joint ventures, in 61 countries and regions, and posted revenues of
US$23.6 billion in 2006. The Company has featured on the Dow Jones
Sustainability Indexes consecutively since 2002. For more
information, please visit: http://www.alcan.com/. %B M %C
1,2,3,4,5,12,17,20,23 %D RTA Management Team Additional information
The offer to purchase all of the issued and outstanding common
shares of Alcan for US$101 per common share in a recommended, all
cash transaction (the "Offer") is being made by Rio Tinto Canada
Holding Inc. (the "Offeror"), an indirect wholly-owned subsidiary
of Rio Tinto. The Offer represents a total consideration for Alcan
common shares of approximately US$38.1 billion. The Offer is open
for acceptance until 6.00 p.m., Canadian Eastern Time, on October
23, 2007, unless extended. The Offer is subject to a number of
conditions including valid acceptances by holders of not less than
66 2/3 per cent of Alcan shares on a fully diluted basis and the
receipt of various governmental and regulatory approvals. The board
of Rio Tinto has approved the transaction. The Offer is expected to
close in the fourth quarter of 2007. This announcement is for
information purposes only and does not constitute or form part of
any offer or invitation to purchase, otherwise acquire, subscribe
for, sell, otherwise dispose of or issue, or any solicitation of
any offer to sell, otherwise dispose of, issue, purchase, otherwise
acquire or subscribe for, any security. The Offer (as the same may
be varied or extended in accordance with applicable law) is being
made exclusively by means of, and subject to the terms and
conditions set out in, the offer and takeover bid circular
delivered to Alcan and filed with Canadian provincial securities
regulators and the United States Securities and Exchange Commission
(the "SEC") and mailed to Alcan shareholders. The release,
publication or distribution of this announcement in certain
jurisdictions may be restricted by law and therefore persons in
such jurisdictions into which this announcement is released,
published or distributed should inform themselves about and observe
such restrictions. In connection with the Offer, an offer and
takeover bid circular as well as ancillary documents such as a
letter of transmittal and a notice of guaranteed delivery have been
filed with the Canadian securities regulatory authorities and the
SEC and an Alcan directors' circular with respect to the Offer has
also been filed. A Tender Offer statement on Schedule TO (the
"Schedule TO") and a Solicitation/Recommendation Statement on
Schedule 14D-9 (the "Schedule 14D-9") has also been filed with the
SEC. SHAREHOLDERS OF ALCAN ARE URGED TO READ THE OFFER AND TAKEOVER
BID CIRCULAR (INCLUDING THE LETTER OF TRANSMITTAL AND NOTICE OF
GUARANTEED DELIVERY), THE SCHEDULE TO (INCLUDING THE OFFER AND
TAKEOVER BID CIRCULAR, LETTER OF TRANSMITTAL AND RELATED TENDER
OFFER DOCUMENTS) AND THE SCHEDULE 14D-9 AS THEY CONTAIN IMPORTANT
INFORMATION ABOUT THE OFFER. The offer and takeover bid circular as
well as other materials filed with the Canadian securities
regulatory authorities are available electronically without charge
at http://www.sedar.com/. The Schedule TO and the Schedule 14D-9
are available electronically without charge at the SEC's website,
http://www.sec.gov/. Materials filed with the SEC or the Canadian
securities regulatory authorities may also be obtained without
charge at Rio Tinto's website, http://www.riotinto.com/. While the
Offer is being made to all holders of Alcan common shares, this
announcement does not constitute an offer or a solicitation in any
jurisdiction in which such offer or solicitation is unlawful. The
Offer is not being made in, nor will deposits be accepted in, any
jurisdiction in which the making or acceptance thereof would not be
in compliance with the laws of such jurisdiction. However, the
Offeror may, in its sole discretion, take such action as it may
deem necessary to extend the Offer in any such jurisdiction. The
Offer is made to holders in France of Alcan common shares admitted
to trading on Euronext-Paris. An announcement including the main
information relating to the Offer documents has been prepared and
released pursuant to article 231-24 of the AMF General Regulation
and contains information relating to how and in which time limit
Alcan shareholders residing in France can accept this Offer. The
offer document and the announcement prepared pursuant to article
231-24 of the AMF General Regulation, as amended on 17 September
2007, are available free of charge to the holders of Alcan Shares
registered with Euroclear France who request it from Citi France,
Global Transaction Services, Operations department, 19 le Parvis la
Defense 7, 92073 Paris la Defense. They are also available on the
internet at the following address:
http://www.computershare.com/Rio-AlcanFrenchofferdocument. The
Offer is made to holders in Belgium of Alcan common shares and/or
certificates admitted to trading on Euronext Brussels (the "IDRs").
A Belgian supplement, addressing issues specific to holders of
Alcan common shares and/or IDRs in Belgium (the "Belgian
Supplement") was approved by the Belgian Banking, Finance and
Insurance Commission (the "BFIC") on 2 August 2007. A notice of
extension of the Offer was approved by the BFIC on 18 September
2007. The offer document, the Belgian Supplement and the notice of
extension are available free of charge to the investors in Belgium
who request it from the Belgian branch of Citibank International
plc, Department GTS Operations, 4th floor, boulevard General
Jacques 263G, 1050 Brussels. They are also available on the
internet at the following address:
http://www.computershare.com/Rio-AlcanBelgianofferdocument.
DATASOURCE: ALCAN - EN CONTACT: Rio Tinto contact information:
Media Relations, London: Christina Mills, +44 (0) 20 8080 1306,
Mobile: +44 (0) 7825 275 605; Nick Cobban, +44 (0) 20 8080 1305,
Mobile: +44 (0) 7920 041 003; Media Relations, Australia: Ian Head,
+61 (0) 3 9283 3620, Mobile: +61 (0) 408 360 101; Amanda Buckley,
+61 (0) 3 9283 3627, Mobile: +61 (0) 419 801 349; Investor
Relations, London: Nigel Jones, +44 (0) 20 7753 2401, Mobile: +44
(0) 7917 227 365; David Ovington, +44 (0) 20 7753 2326, Mobile: +44
(0) 7920 010 978; Investor Relations, Australia: Dave Skinner, +61
(0) 3 9283 3628, Mobile: +61 (0) 408 335 309; Investor Relations,
North America: Jason Combes, +1 (0) 801 685 4535, Mobile: +1 (0)
801 558 2645; ; http://www.riotinto.com/; High resolution
photographs available at: http://www.newscast.co.uk/; Alcan contact
information: Media Relations: Anik Michaud, +1-514-848-8151, ;
Investor Relations: Ulf Quellmann, +1-514-848-8368,
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