ECONOMY

Only Mytilineos and Glencore are still left in the contest for a major stake in Aluminium of Greece

Greece’s Mytilineos Group and Glencore International AG of Switzerland have submitted binding offers to acquire an interest in Aluminium of Greece, according to sources. The Elliniki Technodomiki-AKTOR Group eventually withdrew its bid while rumors of an offer by Viohalco have not been confirmed. The same sources suggested that Canadian group Alcan (which bought out Pechiney, Aluminium of Greece’s owner, a few months ago) is considering selling a smaller stake (about 50 percent) than the 60 percent of the company on sale as had been announced at the start of the process. Glencore, the Swiss giant, is one of the biggest names in the global market for aluminium and raw materials in general. After Pechiney’s purchase, Alcan is carrying out a very broad restructuring plan so as to meet the requirements of the competition authorities in the European Union and the United States. In mid-May, Alcan announced the selling of the Boxal Group (part of Alcan Packaging) to the Dutch company Exal Holdings BV, and a few days ago a decision became known to transfer one more activity (of Pechiney World Trade USA Inc and Pechiney Trading Limited) to Alcan’s executives through the Management Buy-Out (MBO) process.