Alcan Inc. [NYSE, TSX: AL] is pleased to announce the European Commission has granted clearance under the Merger Regulation of Alcan's tender offer for the acquisition of Pechiney [NYSE: PY, PARIS: PEC], subject to agreed conditions and commitments. Alcan also announced today that it expects to reach a resolution shortly regarding the U.S.   Department of Justice's review of the offer.

Travis Engen, President and CEO of Alcan Inc. stated, "Obtaining the European Commission's clearance is the realization of an important condition to the completion of our offer. As we continue to move ahead, I look forward to working with our counterparts at Pechiney for a successful conclusion of the transaction."

To meet the Commission's regulatory concerns, Alcan has undertaken to divest either its 50% share in the AluNorf rolling mill and its Göttingen and Nachterstedt rolling mills or Pechiney's rolling mills at Neuf-Brisach, Rugles and, if necessary, the Annecy rolling mill. Alcan's Latchford casting operations can also be added to either the AluNorf or Neuf-Brisach packages.

In addition, Alcan has agreed to undertakings with the European Commission for the licensing of alumina refining technology, aluminum smelter cell technology and anode baking furnace designs. Alcan will also eliminate the overlap arising from Alcan's and Pechiney's activities in aluminum aerosol cans and aluminum cartridges.

Alcan is a multinational, market-driven company and a global leader in aluminum, packaging, and aluminum recycling with 2002 revenues of US$12.5   billion. 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.



Media contact
Joseph Singerman
(514) 848-1355

Investor contact
Corey Copeland
(514) 848-8368