Analyst initiations 7-26-07: Alcoa, Alcan, Polo Ralph Lauren

Alcan shareholders
You dont have to obey your CEO. YOu can vote down Rio offer and wait for Alcoa to come back . Alcoa is superior because Alcan and Alcoa together will produce 8 million tons of aluminium against only 5 million tons if you went to Rio who produce only 1 million ton. Alcoa produce 4 million and will make No 1 aluminium proudcer by far if merged with Alcan.
Your CEO just wants instant payoff from Rio instead of waiting to grwo with Alcoa.

Remember Phelps Dodge went from 25 to 250 presplit when copper soared to $3.50 a lb. So dont be too eager to part with your Alcan shares to Rio. $38 billion or $101 may sound a lot to you but it is a steal !! Aluminium is poised to soar to parity with copper as historically it showed. Alcan can easily go over $150 if you vote NO to Rio and your beloved CEO of Alcan now and hold on for dear future!!

Phelps Dodge went from a 2 billion copper sales company to close to 10 billion in a few years becasue of copper prices. So it should make you wonder about Alcan now at around 20 billion sales. It can go to 50 or 60 billion sales company anytime. If merged with Alcoa, we will get a 100 billion plus company making $10 or 15 a share. easily!! Hands down. Dont vote for RIO offer, please!! I own Alcoa by the way. I am so appaled by your Alcan CEO 's stupidity. Togheter Alcan and Alcoa can produce 8 million tons head over sholders over the nearest competitor at 5 million tons. It is important since we are producing only 35 million tons worldwide. This will be a commandering market share. With Rio, Alcan will be just another par competitior.... Your CEO wants to sell out his options and go home and forget all about you.. Alcoa offer you cash and new shares to hold on for more growth in the future. Sure, Wall Street had been rough on aluminium industry but hold on and Wall Street will have to part with your money!!

If any of you think Rio has a superior offer, you are way over your head!! Together Alcan and Alcoa will produce 8 million tons as opposed to Alcan and Rio 's mere 5 million tons. Rio seems superior but not in the long term. Alcoa offer superior long term growth with Alcan by saving a lot when merged. Alcan CEO Albanese must be very stubborn after two years of secret meetings with Alcoa's CEO Belda. Quite unbelievable!! Or probably Alcoa wanted to eliminate a pesky competitor by pusing it toward a "white knight" who will do nothing to help Alcan later on as it has too many distractions in other metal divisions. I dont think Rio can grow Alcan from there. Look, Alcan shareholders, you all can always vote down Rio offer . Just dont be dazed by your dumb CEO Albanese.