BB32 San Uk Grp.perp

RNS Number:0880S
Alcan Inc
26 February 2002

Press Release

----------------------------------------------------------------------


For immediate release


           Alcan Confirms Acceptance of Offer by Alouette Consortium

                    and Announces Alliance with Hydro-Quebec

Montreal, Canada - February 26, 2002 - Alcan Inc. confirmed today that its offer
to purchase a 20-per-cent stake in Aluminerie Alouette has been accepted by the
consortium partners and announced the formation of an alliance between Hydro-
Quebec and Alcan, Quebec's largest and second largest power producers, aimed at
identifying and developing opportunities in the power sector.

The Memorandum of Understanding with Hydro-Quebec was signed today at Jonquiere,
Quebec, in the presence of Quebec Premier Bernard Landry and Hydro-Quebec
President Andre Caille. Under the terms of this agreement, the parties will
explore mutually beneficial opportunities ranging from optimizing hydroelectric
resources in the Saguenay-Lac-St-Jean region to provision of the power that
would be required to support eventual expansion of Alcan's Alma smelter.

"Together, these initiatives represent an exceptional opportunity to further
strengthen Alcan's Quebec base and maximize value for shareholders," said
Cynthia Carroll, president of the Alcan Primary Metal Group.

Ms. Carroll expressed confidence that Alcan's purchase of Societe generale de
financement du Quebec's interest in Alouette will soon be finalized, now that it
has won the other partners' approval in accordance with requirements of the
consortium agreement. She also welcomed the Quebec government's recent decision
to allocate 500 megawatts of power to support the proposed expansion of
Alouette's Sept-Iles smelter.

"The Alcan/Alouette partnership will enhance Alcan's smelter system in a manner
that creates value and new opportunities," Ms. Carroll said. "And, of course,
the growth of a strong, viable aluminum sector in Quebec is a plus for everyone.
This is a win/win situation for all the stakeholders."

The Alouette transaction is expected to be finalized by the end of April 2002,
following receipt of applicable regulatory approvals and the completion of due
diligence investigations by Alcan.

Alcan is a multinational, market-driven company and a global leader in aluminum
and specialty packaging with annual revenues of US$12.6 billion in 2001. 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
approximately 48,000 people and has operating facilities in 38 countries.


                                      -30-




Media Contact:     Mathieu Bouchard

                  +1 (418) 699-3666

Media Contact:     Marc-Brian Chamberland - Hydro-Quebec

            + 1 (514) 289-2200, ext. 2209

Investor Contact:     Serge Michaud

                  +1 (514) 848-8368




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