Coega Development Group Says Negotiation with Alcan to Continue and Pay Close Attention to Acquisition Progress

Coega Development Group said in a statement that Alcoa’s hostile takeover of Alcan had not prevented Jia Alco and Coega Development Group from negotiating the construction of a smelter in Elizabeth.

“The Negota Group of Coega Development Group and Canada Aluminum is in talks about the site and operation of the smelter. The smelter will be built in Coega Industrial Development Zone.”

On Monday, Alcoa announced that it will acquire all of Alcan's common stock for $33 billion in cash and stock to form the world's largest aluminum company.

Coega Development Group stated that the smelter has been proven to have very high feasibility.

The group stated that "Coega Development Group will pay close attention to this acquisition."