NORWEST CORP
SC 13G, 1994-01-12
NATIONAL COMMERCIAL BANKS
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<PAGE>

                                 UNITED STATES
                        SECURITIES & EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                  SCHEDULE 13G

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934

                                        
                                  Alumax Inc.
                                  -----------
                                (Name of Issuer)

                                 Common Stock
                                 ------------
                         (Title of Class of Securities)

                                   022197 107
                                   ----------
                                 (CUSIP Number)



  Check the following if a fee is being paid with this statement XX.  (A fee is
  not required only if the filing person:  (1) has a previous statement on file
  reporting beneficial ownership of more than five percent of the class of
  securities described in Item 1; and (2)  has filed no amendment subsequent
  thereto reporting beneficial ownership of five percent of such class.)  (See
  Rule 13d-7.)

  The information required in the remainder of this cover page shall not be
  deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
  Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
  the Act but shall be subject to all other provisions of the Act (however, see
  the Notes).




                                       1
<PAGE>

CUSIP NO.  022197 107    13G 


1   NAME OF REPORTING PERSON
    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

          Norwest Corporation
          Tax Identification No.  41-0449260
 
 
- --------------------------------------------------------------------------------
2   CHECK THE APPROPRIATE LINE IF A MEMBER OF A GROUP*        (A)   ______
                                                              (B)   ______
 
- --------------------------------------------------------------------------------
3   SEC USE ONLY
 
 
- --------------------------------------------------------------------------------
 
4   CITIZENSHIP OR PLACE OF ORGANIZATION
 
            Delaware
- --------------------------------------------------------------------------------
  NUMBER OF     5   SOLE VOTING POWER
 
   SHARES                
                          3,918,202 
BENEFICIALLY        -----------------------------------------------------------
                    SHARED VOTING POWER
  OWNED BY      6
                          35,265  
    EACH            -----------------------------------------------------------
                7   SOLE DISPOSITIVE POWER
 REPORTING                         
                          4,501,890     
   PERSON       8   -----------------------------------------------------------
                    SHARED DISPOSITIVE POWER
    WITH                           
                          6,480 
- --------------------------------------------------------------------------------
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
            
            4,512,473
- --------------------------------------------------------------------------------
10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [_]

- --------------------------------------------------------------------------------
11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
            10.2%           
- --------------------------------------------------------------------------------
12  TYPE OF REPORTING PERSON*
 
            HC
- --------------------------------------------------------------------------------

                                       2
<PAGE>

CUSIP NO.  022197 107                      13G 

- --------------------------------------------------------------------------------
1   NAME OR REPORTING PERSON
    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

              Norwest Colorado, Inc.
              Tax Identification No.  84-1187164
- --------------------------------------------------------------------------------
2   CHECK THE APPROPRIATE LINE IF A MEMBER OF A GROUP*          (A)   ______
                                                                (B)   ______
 
- --------------------------------------------------------------------------------
3   SEC USE ONLY
 
 
- --------------------------------------------------------------------------------
4   CITIZENSHIP OR PLACE OF ORGANIZATION
 
              COLORADO
- --------------------------------------------------------------------------------
  NUMBER OF    5   SOLE VOTING POWER
 
   SHARES                 3,911,373
                   ------------------------------------------------------------
BENEFICIALLY       SHARED VOTING POWER
               6
  OWNED BY                35,065
                   ------------------------------------------------------------
    EACH       7   SOLE DISPOSITIVE POWER
               
  REPORTING               4,495,648
                   ------------------------------------------------------------
   PERSON      8   SHARED DISPOSITIVE POWER
               
    WITH                  5,537
- --------------------------------------------------------------------------------
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
          4,505,038
 
- --------------------------------------------------------------------------------
10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES[_]
 
 
- --------------------------------------------------------------------------------
11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
          10.2%
- --------------------------------------------------------------------------------
12  TYPE OF REPORTING PERSON*
 
          HC
- --------------------------------------------------------------------------------

                                       3
<PAGE>

CUSIP NO.  022197 107                           13G

- --------------------------------------------------------------------------------
1   NAME OF REPORTING PERSON
    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

              Norwest Bank Denver, National Association
              Tax Identification No. 84-0187632
- --------------------------------------------------------------------------------
2   CHECK THE APPROPRIATE LINE IF A MEMBER OF A GROUP*         (A)   ______
                                                               (B)   ______
 
 
- --------------------------------------------------------------------------------
    SEC USE ONLY
 
 
- --------------------------------------------------------------------------------
4   CITIZENSHIP OR PLACE OF ORGANIZATION
 
              United States of America
- --------------------------------------------------------------------------------
  NUMBER OF    5   SOLE VOTING POWER
 
   SHARES                3,909,908
                   ------------------------------------------------------------
BENEFICIALLY   6   SHARED VOTING POWER
               
  OWNED BY               26,503
               7   ------------------------------------------------------------
    EACH           SOLE DISPOSITIVE POWER
                                 
 REPORTING               4,487,008
               8   ------------------------------------------------------------
   PERSON          SHARED DISPOSITIVE POWER
                            
    WITH                 4,150
- --------------------------------------------------------------------------------
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
          4,495,011
 
- --------------------------------------------------------------------------------
10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES[_]
 

 
- --------------------------------------------------------------------------------
11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
          10.1%
- --------------------------------------------------------------------------------
12  TYPE OF REPORTING PERSON*
 
          BK
- --------------------------------------------------------------------------------

                                       4
<PAGE>



                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                  SCHEDULE 13G
                   UNDER THE SECURITIES EXCHANGE ACT OF 1934

AT A SPECIAL MEETING OF SHAREHOLDERS OF AMAX INC. HELD ON NOVEMBER 12, 1993,
SHAREHOLDERS APPROVED THE MERGER OF AMAX INC. WITH CYPRUS MINERALS COMPANY. THE
NEW MERGED COMPANY OPERATES UNDER THE NAME CYPRUS AMAX MINERALS  COMPANY.
SHAREHOLDERS OF AMAX INC. RECEIVED ONE-HALF SHARE OF COMMON STOCK OF ALUMAX
INC., A WHOLLY OWNED SUBSIDIARY OF AMAX INC., AS PARTIAL EXCHANGE FOR AMAX
COMMON STOCK. THIS IS A NEW FILING TO REFLECT THE SHARES OF ALUMAX INC. COMMON
STOCK HELD BY NORWEST CORPORATION AND CERTAIN OF ITS SUBSIDIARIES AS A RESULT OF
THE MERGER.


Item 1(a)          Name of Issuer:
- ---------          --------------

                   Alumax Inc.

Item 1(b)          Address of Issuer's Principal Executive Offices:
- ---------          ----------------------------------------------- 

                   5655 Peachtree Parkway
                   Norcross, GA 30092-2812

Item 2(a)          Name of Person Filing:
- ---------          --------------------- 

                   1.  Norwest Corporation

                   2.  Norwest Colorado, Inc. ("NCI")

                   3.  Norwest Bank Denver, National Association ("NBD")

                   This statement is filed by Norwest Corporation on behalf of
                   all of the persons listed above pursuant to Rule 13d-1(b). 
                   Attached is an agreement among the persons listed above to
                   that effect.  NCI is a direct subsidiary of Norwest
                   Corporation.  NBD is a direct subsidiary of NCI and an
                   indirect subsidiary of Norwest Corporation.

                                       5
<PAGE>


Item 2(b)     Address of Principal Business Office(s):
- ---------     --------------------------------------- 

              1.  Norwest Corporation
                  Norwest Center
                  Sixth and Marquette
                  Minneapolis, MN  55479-1000

              2.  Norwest Colorado, Incorporated
                  One United Bank Center
                  1700 Lincoln Street
                  Denver, CO  80274-0010

              3.  Norwest Bank Denver, National Association
                  1700 Broadway
                  Denver, CO  80274-0005

Item 2(c)     Citizenship:
- ---------     ----------- 

              1.  Norwest Corporation is a Delaware corporation.
              2.  NCI is a Colorado corporation.
              3.  NBD is a national banking association.

Item 2(d)     Title of Class of Securities:
- ---------     ---------------------------- 

              Common Stock

Item 2(e)     CUSIP Number:
- ---------     ------------ 

              022197 107

Item 3        Type of Person:
- ------        -------------- 

              (g)  Parent holding company for Norwest Corporation
              (g)  Parent holding company for NCI
              (b)  Bank for NBD
          
Item 4        Ownership:
- ------        --------- 

              1.  Norwest Corporation

              (a)  Amount Beneficially Owned.  At December 31, 1993, Norwest
              Corporation was deemed to own, indirectly through its
              subsidiaries, 4,512,473 shares.  The above shares also include the
              shares indicated below held by NCI and by NBD.  Norwest
              Corporation has no other 

                                       6
<PAGE>

          rights to acquire additional shares through the exercise of options or
          otherwise.

          (b)  Percent of Class:  10.2%

          (c)  Number of shares as to which Norwest Corporation, indirectly
          through its subsidiaries, has:

            (i)   Sole power to vote or direct the vote: 3,918,202 shares

            (ii)  Shared power to vote or direct the vote: 35,265

            (iii) Sole power to dispose or to direct the disposition of: 
                  4,501,890 shares

            (iv)  Shared power to dispose or direct the disposition of:
                  6,480 shares

          2.  NCI

          (a)  Amount Beneficially Owned.  At December 31, 1993, NCI was deemed
          to own, indirectly through its subsidiaries, 4,505,038 shares.

          (b)  Percent of Class:  10.2%

          (c)  Number of shares as to which NCI, indirectly through its
          subsidiaries, has:

            (i)   Sole power to vote or direct the vote:  3,911,373 shares

            (ii)  Shared power to vote or direct the vote:  35,065

            (iii) Sole power to dispose or to direct the disposition of: 
                  4,495,648 shares

            (iv)  Shared power to dispose or direct the disposition of: 5,537
                  shares

          3.  NBD

          (a)  Amount Beneficially Owned.  At December 31, 1993, NBD was deemed
          to own 4,495,011 shares.  NBD has no other rights to acquire
          additional shares through the exercise of options or otherwise.

          (b)  Percent of Class:  10.1%

                                       7
<PAGE>

          (c)  Number of shares as to which NBD has:

            (i)   Sole power to vote or direct the vote:  3,909,908 shares

            (ii)  Shared power to vote or direct the vote:  26,503 shares

            (iii) Sole power to dispose or to direct the disposition of: 
                  4,487,008 shares

            (iv)  Shared power to dispose or direct the disposition of: 
                  4,150 shares

          The persons filing disclaim beneficial ownership of, and the filing of
          this statement shall not be construed as an admission that the persons
          filing are beneficial owners of, the shares covered by this statement
          for purposes of Sections 13, 14, or 16 of the Act.

Item 5    Ownership of Five Percent or Less of Class:
- ------    ------------------------------------------ 

          Not Applicable

Item 6    Ownership of More than Five Percent on Behalf of Another Person:
- ------    ---------------------------------------------------------------

          Not Applicable

Item 7    Identification and Classification of the Subsidiary Which Acquired
- ------    ------------------------------------------------------------------
          the Security Being Reported on by the Parent Holding Company:
          ------------------------------------------------------------ 

          See Exhibit A

Item 8    Identification and Classficiation of Members of the Group:
- ------    --------------------------------------------------------- 

          Not Applicable

Item 9    Notice of Dissolution of Group:
- ------    ------------------------------ 

          Not Applicable

                                       8
<PAGE>


Item 10   Certification:
- -------   ------------- 

          By signing below, I certify that, to the best of my knowledge and
          belief, the securities referred to above were acquired in the ordinary
          course of business and were not acquired for the purpose of and do not
          have the effect of changing or influencing the control of the issuer
          of such securities and were not acquired in connection with or as a
          participant in any transaction having such purposes or effect.

          Signature:
          --------- 

          After reasonable inquiry and to the best of my knowledge and belief, I
          certify that the information set forth in this statement is true,
          complete, and correct.

Dated:  January 12, 1994

NORWEST CORPORATION

By  /s/ Laurel A. Holschuh
    ----------------------
        Laurel A. Holschuh, Senior Vice President
          and Secretary

                                       9
<PAGE>


                                   EXHIBIT A
                                   ---------

(Attached to and forming a part of Schedule 13G filed by Norwest Corporation on
its own behalf and on behalf of Norwest Colorado, Inc. and Norwest Bank Denver,
National Association regarding Alumax Inc. Common Stock.)

Item 7
- ------

       (a) Norwest Colorado, Inc. is a parent holding company - Item 3(g)

       (b) Norwest Bank Denver, National Association is a bank - Item 3(b)

       (c) Norwest Bank Colorado Springs, National Association is a
           bank - Item 3(b)

       (d) Norwest Bank Boulder, National Association is a bank - Item 3(b)

       (e) Norwest Bank Greeley, National Association is a bank - Item 3(b)

       (f) Norwest Bank Minnesota, National Association is a bank - Item 3(b)

       (g) Norwest Bank Minnesota North, National Association is a bank - Item
           3(b)

       (h) Norwest Capital Management & Trust Co., Montana is a trust 
           company - Item 3(b)

       (i) Norwest Bank North Dakota, National Association is a bank - Item 3(b)

       (j) Norwest Bank South Dakota, National Association is a bank - Item 3(b)

                                      10
<PAGE>


                                   AGREEMENT
                                   ---------

  The undersigned hereby agree that the statement on Schedule 13G to which this
Agreement is attached shall be filed on behalf of Norwest Colorado, Inc. and
Norwest Bank Denver, National Association by Norwest Corporation which directly
holds 100% of the outstanding capital stock of Norwest Colorado, Inc. and
directly or indirectly holds 99.9% of the outstanding capital stock of Norwest
Bank Denver, National Association.

Dated:  January 12, 1994

NORWEST CORPORATION


By:  /s/ Laurel A. Holschuh
    -----------------------
         Laurel A. Holschuh, Senior Vice President
           and Secretary

NORWEST COLORADO, INC.


By:  /s/ Dennis D. Erickson
     ----------------------
         Dennis D. Erickson, Executive Vice
           President, Treasurer, Chief
           Financial Officer, and Assistant
           Secretary

NORWEST BANK DENVER, NATIONAL ASSOCIATION


By:  /s/ Denise B. Johnson
     ---------------------
         Denise B. Johnson, Vice President



jr1213q1

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