	alcan australia bids for alcan new zealand alcan australia ltd al s said it will make a mln n z dlr cash bid for all the issued shares of alcan new zealand ltd at n z dlrs each with a four for three share alternative both are pct owned by canada s alcan aluminium ltd al which will take the share swap option alcan australia deputy chairman jeremy davis said in a statement the remainder of alcan new zealand s totalled issued mln shares are broadly held while alcan australia s are primarily held by institutions alcan nz last traded at nz dlrs while alcan australia today ended four cents down at dlrs davis said the offer which is subject to approval by the new zealand overseas investment commission was a response to the integration of the two countries markets under the australia new zealand closer economic relations treaty alcan new zealand shareholders who accept the offer would also receive the final dividend of cents a share normally payable on may alcan australia would invite new zealand representation to its board and would apply to list its shares on the new zealand stock exchange davis said reuter 
