CAPITAL MARKETS

Pechiney holds firm on bid despite poor performance

THE board of French-based aluminium producer Pechiney continues to oppose the EUR3.4 billion takeover bid by rival producer Alcan despite a less than impressive second quarter which saw its operating income fall by 51%.

Brad Ricks

Pechiney holds firm on bid despite poor performance

Pechiney's operating income for the June quarter dropped to EUR67 million largely due to the effect of the weaker US dollar on its aluminium unit. Second-quarter net profits for the company rose to EUR12...

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