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EXHIBIT (a)(3)
[HOWMET LETTERHEAD]
For:
HOWMET INTERNATIONAL INC.
475 Steamboat Road
Greenwich, CT 06830-7144
Contact: Roland Paul
203-625-8770 Tel
Release date: 2 June 2000
ALCOA AND HOWMET AGREE TO $21 PER SHARE ACQUISITION
Greenwich, Connecticut -- Howmet International Inc. (NYSE: HWM) (www.howmet.com)
announced today the signing of a definitive acquisition agreement with Alcoa
Inc. In connection with this agreement, which was approved by the Howmet Board
of Directors, upon the recommendation of the Independent Directors Committee of
the Board, Alcoa has amended its tender offer to purchase shares of Howmet
common stock to increase the purchase price to $21 per share in cash. Alcoa's
tender offer remains subject to the condition that a majority of the publicly
held Howmet shares be tendered, and is also subject to certain other customary
conditions. If Alcoa acquires Howmet shares in the tender offer, it will acquire
any remaining shares for the same price in a subsequent merger between Alcoa's
acquisition subsidiary and Howmet. Howmet will mail a supplement to its Schedule
14D-9 to Howmet shareholders promptly.
Headquartered in Greenwich, Connecticut, Howmet is the world's largest
manufacturer of precision castings, primarily for jet aircraft and industrial
gas turbine engines. Howmet and its subsidiaries operate 29 production
facilities in the United States, Canada, France, the United Kingdom and Japan.
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