ALCOA, the world's largest aluminium producer has sold off its 46.5% share in the Norwegian ELKEM group (consolidated turnover of NKr 22 billion in 2004) to the Norwegian ORKLA company, allowing it to a attain surplus value of USD 180 million. This operation sees ELKEM being valued at around NKr 11.63 bn. Now that it has a 96.95% holding in ELKEM, ALCOA intends to merge its activities with those of its subsidiary BORREGAARDS CHEMICALS to set up a joint “specialised materials” outfit,...