Alcoa CEO Sees No Antitrust Bar to Buyout
Posted May 8, 2007 10:36 AM CDT
By Debra Cassens Weiss
Aluminum companies Alcoa Inc. and Alcan Inc. were split in 1950 because of antitrust concerns. Harry First, a law professor at New York University, says he introduces his antitrust course with the case that prompted the split, according to the Wall Street Journal's Law Blog.
Now Alcoa has bid nearly $27 billion for the Canadian-based Alcan, raising new questions for antitrust regulators, according to the Wall Street Journal (sub. req.).
Alcoa chairman and CEO Alain Belda says the competitive picture has changed with the emergence of new aluminum companies overseas. He also says the companies will divest assets to help satisfy regulators.
"I'm confident the measure will be approved," he said.