Alcan secures Pechiney

With Alcan‘s (AL-T) 4-billion-euro takeover bid for France’s Pechiney expiring, the Canadian aluminum giant reports that, so far, 92.21% of the fully diluted shares have been tendered.

The results are prompting Alcan to extend its offer to Dec. 23 so that it can obtain a 95% stake — the magic number that allows Pechiney to be delisted.

After several months of sometimes-heated wrangling, Pechiney’s board finally agreed to a twice-revised offer from Alcan. The offer, in its final iteration, includes 24.6 euros in cash plus 22.9 euros worth of Alcan shares for each Pechiney share or 10 Pechiney bonus allocation rights tendered.

Alcan retains an option to cover the share portion of the deal with cash. The cash-and-share offer includes a bonus of one euro per share, provided 95% of the French company’s shares are tendered.

The overall bid, though, was conditional on at least half of Pechiney’s shares being tendered.

Three top Pechiney officials have secured major roles at Alcan: Pierre Vareille joins the four-person office of the president to oversee Pechiney’s integration; Christel Bories will lead the packaging division; and Jean-Dominique Senard will supervise primary metal production in Europe and Africa.