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Alcan Inc (AAN)

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Tuesday 25 November, 2003

Alcan Inc

Acceptance Period Closes

Alcan Inc
25 November 2003



Montreal, Canada - November 25, 2003 - Alcan Inc. (NYSE, TSX: AL) today
announced that the acceptance period for its French and U.S. offers for Pechiney
closed at 5:00 p.m. New York time yesterday (November 24, 2003).

As stated in the offer documentation, the French Autorite des marches financiers
(AMF), successor to the French Conseil des Marches Financiers, is expected to
publish the results of the offers on a preliminary basis six or seven French
trading days after the expiration date and on a definitive basis nine French
trading days after the expiration date. Alcan will issue a press release
regarding the results of the offers promptly after each announcement by the AMF.

In the meantime, in accordance with the requirements of the New York Stock
Exchange, Alcan has been asked to disclose the results of the tender process for
the Pechiney American Depositary Shares (ADSs) at the close of the acceptance
period. In this regard, the Bank of New York, as exchange agent for the ADSs
advises that, at the expiration of the acceptance period, 3,317,605 ADSs
(including 699,706 subject to the notice of guarantee period) out of a total of
3,523,734 ADSs outstanding were tendered to the offer. Based on Pechiney's
Schedule 14D-9 filed in connection with the offers, the total number of Pechiney
common shares underlying the ADSs represent approximately 2.5 per cent of all
Pechiney common shares outstanding. The result obtained in relation to the ADSs
is not final and will be combined with the overall results obtained under the

If, through the offers, Alcan acquires between two-thirds and 95 per cent of
Pechiney's total share capital and voting rights on a fully diluted basis as
described in the offer, a subsequent offering period will open for at least 10
French trading days. If this is the case, Alcan will issue a further press
release with the details of the subsequent offering period.

Alcan has filed with the Securities and Exchange Commission (the 'SEC') a
registration statement to register the Alcan Common Shares to be issued in the
U.S. offer, including related tender/exchange offer materials. Investors and
holders of Pechiney securities are urged to read the Prospectus, dated October
24, 2003, relating to the exchange offer, as well as the documents incorporated
by reference into the Prospectus and the related tender/exchange offer
materials, because they contain important information and disclosures. Investors
and holders of Pechiney securities may obtain a free copy of the registration
statement, the documents incorporated by reference therein and the related
tender/exchange offer materials at the SEC's Internet web site at http:// The Prospectus and the tender/exchange offer materials have been
mailed to holders of Pechiney securities. Additional copies of these
transaction-related documents may be obtained at Alcan's expense by contacting
the Information Agent for the offers, D.F. King & Co., Inc., toll-free at
1-800-488-8035 (North America), 0-800-90-2614 (France), 0-800-389-7892 (U.K.) or
(44) 20-7920-9700 (collect in Europe).

This press release is for informational purposes only. It shall not constitute
an offer to purchase or the solicitation of an offer to sell or exchange any
securities, nor shall there be any sale of securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. The
solicitation of offers to buy Alcan Common Shares will only be made pursuant to
Alcan's Prospectus, dated October 24, 2003, and the related tender/exchange

The U.S. offer is only open to holders of Pechiney securities who are located in
the United States and Canada and to all holders of Pechiney ADSs, wherever
located. Alcan's separate French offer is not being made in the United States or

Alcan is a multinational, market-driven company and a global leader in aluminum
and packaging, as well as aluminum recycling. With world-class operations in
primary aluminum, fabricated aluminum as well as flexible and specialty
packaging, Alcan is well positioned to meet and exceed its customers' needs for
innovative solutions and service. Alcan employs 54,000 people and has operating
facilities in 42 countries.

                                     - 30 -
Media contact                                               Investor contact
Joseph Singerman                                            Corey Copeland
+1 514 848-1355                                             +1 514 848-8368

                      This information is provided by RNS
            The company news service from the London Stock Exchange