Alcan to sell AoG stake to Mytilineos next month

Canadian aluminium producer Alcan Inc. will sell a 53 percent stake in Aluminium of Greece (AoG) to Greek industrial group Mytilineos Holdings between March 1 and 31. Societe Financiere Pour Le Developpement De L’ Aluminium, a 100-percent subsidiary of Alcan, said in an Athens Stock Market filing late Tuesday that it and other units of Alcan will transfer the shares to Mytilineos and its affiliated companies. In December, Alcan agreed to sell its controlling interest in AoG to Mytilineos for 6.95 euros per share, making the transaction worth 80 million euros. It holds a 60.2 percent stake in AoG. Mytilineos may acquire the remaining 7.2 percent stake in AoG one year after closing, under a three-month put option. The transactions are subject to approval by the Greek competition committee and the Development Ministry. Eurocorp Securities will handle the transactions. (Reuters)

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