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Oslo exchange rejects Alcoa''s gripe on Elkem.

Publication: American Metal Market
Publication Date: 13-NOV-02
Format: Online
Delivery: Immediate Online Access
Full Article Title: Oslo exchange rejects Alcoa''s gripe on Elkem.(Alcoa Inc.''s claim of unfair treatment by Elkem ASA)

Article Excerpt
NEW YORK -- The Oslo Stock Exchange (OSE) has dismissed claims by Alcoa Inc. that the Pittsburgh-based heavyweight had been treated unfairly in its battle to buy Norwegian aluminum and silicon producer Elkem ASA.

The OSE ruled that there was no reason at this stage for Orkla to make a mandatory bid, even though Alcoa said the Norwegian consumer goods and investment company effectively controls more than 40 percent of Elkem.

According to Alcoa, Orkla is in league with Folketrygdfondet (the National Insurance Scheme Fund) and Nordstjernen Holding. When all three companies' shares in Elkem were taken into consideration,...

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