Canada's ALCAN and Switzerland's ALGROUP have announced their merger following the failure of their three-way rapprochement with PECHINEY (see EI of 19 April). This operation will take place through an exchange of shares, with ALGROUP shareholders receiving 17.1 ALCAN shares. It will give rise to a group worth some $12.5 bn in turnover, behind America's ALCOA, the sector's number one.