MONTREAL, March 15 /PRNewswire-FirstCall/ - Alcan Inc. (NYSE, TSX: AL)
announced today that it has completed the sale of its controlling interest in
Aluminium de Grece (AdG) to Mytilineos Holdings S.A. and certain affiliated
companies (Mytilineos). An agreement on the sale was announced December 29,
2004, and its completion follows the approval by the Greek Competition
Commission and the Greek Ministry of Development.
    "We are pleased to have completed this transaction and welcome the
commitment demonstrated by Mytilineos toward AdG's long term success," said
Cynthia Carroll, President and Chief Executive Officer, Alcan Primary Metal
Group.
    Alcan owned approximately 13 million shares in AdG, representing a
60.2 percent equity interest. Under the terms of the agreement, Mytilineos has
acquired a 53 percent equity position in AdG from Alcan. The parties have also
entered into various agreements to continue to supply certain products and
services, including bauxite and a broad range of technical and industrial
services, as well as the transfer of alumina supply contracts to Mytilineos
and for the supply of alumina to Alcan. The total transaction value is
(euro) 79.5 million (approximately US$107 million).
    The balance of Alcan's interest in AdG, some 7.2 percent, may be sold by
Alcan to Mytilineos one year after closing, pursuant to a three-month put
option. After that, subject to certain conditions Mytilineos will have a call
option for six months to purchase the remaining interest. If the option is
exercised, the additional proceeds would be (euro) 10.8 million.

    Aluminium de Grece employs 1,288 people, 138 of which work for Delphes
and Distomon - a subsidiary mining company. The company recorded net sales of
(euro) 357.3 million in 2004.

    Alcan is a multinational, market-driven company and a global leader in
aluminum and packaging, as well as aluminum recycling. With world-class
operations in primary aluminum, fabricated aluminum as well as flexible and
specialty packaging, aerospace applications, bauxite mining and alumina
processing, today's Alcan is well positioned to meet and exceed its customers'
needs for innovative solutions and service. Alcan employs 73,000 people and
has operating facilities in 55 countries and regions.

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