TERRACE STANDARD |

— Business Review

Out &
About

Blooming

good time

TWO FRIENDS and gar-
deners have combined
forces to open Bloomers, a
store selling hydroponic
equipment and pools and
ponds for inside and outside
use,

Colleen Roome says she
and her partner Karen
Walker-Lavery have found
a market niche.

“Perrace is coming into
its own as far as gardening
and beautifying are going,”
she said.

Roome says Bloomers is
the only shop selling byr-
doponic equipment between
Prince Rupert and Prince
George.

subway

THE SUBWAY franchise
here has been bought by
Darrell and Eydie Smith.

Previous owners Diane
and Bob Ramage will con-
tinue to operate the fran-
chise they own in Kitimat.

Darrell Smith said the
business alse provides an
employment opportunily for
their three teenage children.

For now, Darrell will keep
his job as a loader operator
in the bush while the couple
get established in the busi-
ness. Eydie worked at vari-
ous locations around town
prior to the couple taking
over Subway,

WF expands

WEST FRASER Timber
is paying cash to buy two
Alberta mills along with
their timber rights.

The mills — a plywood
plant and a veneer plant —
are being bought from Zeid-
ler Forest Industries Ltd.

Busy Bea

NEW TO the business of
running a flower shop but
not the profession itself is
Yvonne Mickelow. Her
nickname is Bea and that’s
in the name of her business,
Bea’s Flowerland.

She worked as the florist
at the Copperside store on
Kalum and branched out on
her own when the store
closed down that end of its
operation.

‘T still supply Copperside
with flowers for its cooler
there,’’ she says.

For now, Yvonne is the
store’s only employee.

M@ New drains

iT WILL be a while before the nearly $400,000 rebuild of Eby St. is complete.
‘Workers with Vic Froese Trucking Ltd. were busy last week installing storm
sewer mains at the intersection with Walsh Ave. It's haped the paving work will
be all finished shortly after Labour Day,

Alcan unveils giant
three-way merger

By MALCOLM BAXTER
KITIMAT — ALCAN has unveiled a

merger that if successful may create the

largest aluminum company in the world.
Alcan, Pechiney of France and the
Alusuisse Lonza Group AG (algroup) of
Switzerland have agreed to terms for the
three-way merger which would see Alcan
shareholders hold 44 per cent of the new
giant with the balance being split almost
evenly between Pechiney and algroup

. shareholders.

The merger will be accomplished through
two separate share exchange offers which
will be made by Alcan,

Under the deal, holders of Pechiney A
class shares will get 1.78 Alcan shares,

. Pechiney will also pay them a special divi-

dend upon completion, Overall, it means
sharcholders in the French company will
receive about $6.75 per share.

Alcan will offer 20.63 of its shares for
each algroup share.

And before the merger goes through al-
group will shed its specialty chemical and
energy interests.

Aican’s Jacques Bougie will be CEO of
the new company — being referred to as
APA at the moment — while Jean-Pierre
Rodier of Pechiney will take on the posi-
tions of president and chief operating of-
ficer,

However, the plan calls for Bougie to
retire once the integration of the three
companies is complete — in about two
years time — at which point Rodier will
take over as CEO.

Pechiney is the world’s fourth largest
aluminum producer — Alcan is number
two — while Algroup has a strong packap-
ing business.

If the merger goes through, the new com-
pany will own 27 aluminum smelters on six

continents produciag 3.3 million tonnes a
year (that’s including output from smelters
still under construction at the moment).

It will also own 11 bauxite mines and 10
alumina refineries,

Apart from becoming the number one
aluminum producer, it would also hold top
spat in aluminum rolling producticn.

Based on 1998 figures, APA would have
annual revenues of more than $17 billion.

“This industry redefining combination
will create great value for the shareholders
of ail three companies,’’ said Jacques
Bougie. “It will establish the new world
leader in aluminum...a sustainable superior
low-cost position in primary aluminum, su-
perior aluminum fabricating positions
globally and superior positioning for future
low-cost growth and expansion.”

He also indicated the new company
anticipated being able to achieve more than
$600 million in savings ‘tover and above
existing profit improvement programmes
already under way at all three companies.”’

Some of those savings will come from
combining various corporate and head of-
fice functions, sales, distribution and staff
support as well as combining research
facilities and technical services.

The tri-company release also points to
projected savings ‘“‘through optimization of
production and reloading of facilities, ex-
tension of production runs and improve-
ment of customer lead-time,’’

But the merger’s claim to take top spot in
the industry appeared to fizzle the same
day. Just hours later Alcan’s arch-rival Al-
coa — the number one producer —- vowed
to mount a hostile takeover bid against
third-ranked Reynolds Metals to stay atop
of the aluminum pile. And by week’s end
Bougie admitted the acw Alcan group
might also join the bidding for Reynolds,

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