After months of talks, the AngloDutch steel group has managed to get a new E1.2bn credit line from its banks. This is good news for Corus, but not for some senior bondholders who hoped to force it to buy them out.
The French aluminium company can't deny the industrial logic behind Alcan's hostile bid. But it can deride the price. Chief executive JeanPierre Rodier says the phone is already ringing from other potential bidders. Unfortunately for Pechiney, some of its arguments for a richer valuation have already been kyboshed by one of its bankers.