The minority investors pressing for a board seat at the UK steelmaker do not deserve one unless they make their intentions clear. But if they want control they should simply bid. Or, if they want a commercial deal, they should cut it before seeking a seat at the board.
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.