JANA Partners to Alcoa Board: Don't Buy ¨C Sell

Alcoa  shareholder JANA Partners LLC called upon Alcoa's Board of Directors to drop its efforts to acquire Alcan Inc. and to instead focus on creating value for shareholders through an exploration of strategic alternatives, including potentially a sale of Alcoa to one or more buyers.

In a letter sent yesterday to Alcoa Chairman and CEO Alain J.P. Belda, JANA Managing Partner Barry Rosenstein stated that, "Given Alcoa's long history of failing to generate shareholder value through acquisitions, we believe that its greatest value can be realized through a sale or break-up of the Company."

JANA said it was a "large shareholder" of Alcoa, but did not disclose the exact size of their stake. The firm did not show an Alcoa stake in the latest 13F (Dec 31, 2006).

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