The Managing Director of PECHINEY has rejected a hostile take-over bid from Canadian group ALCAN, whose offer it described as "ridiculous". It considers that its group is being eyed up by other large groups and that the ALCAN bid should be interpreted as an opening bid. Last Monday ALCAN launched a hostile take-over bid of EUR 3.39 bio for its French competitor. ALCAN bid EUR 123 and three ALCAN shares for five PECHINEY shares, at a price of EUR. PECHINEY's turnover was EUR 11.9 bio in 2002...