Alcan, which holds 34.6 per cent of Indal and made its offer to fight a takeover bid by Sterlite Industries, is believed to have mopped up in excess of 33 million shares, including the 36 per cent held by Indian financial institutions (FIs) in Indian Aluminium. The offer price was Rs 175 per share.

Alcan has also, through its merchant bankers, picked up some Indal shares at Rs 200 per share, and has enquired with the Securities & Exchange Board of India (Sebi) as to whether all the respondents to its open offer have to be paid the price of Rs 200 per share (there is such a stipulation in the takeover code, which requires Alcan to pay the highest price in any negotiated deal to all respondents of its counter (offer).

"Alcan has received formally signed and sealed 47 per cent of Indal's shares," said a source closeto the Canadian major.

This formally rings down the curtain on the turbulent episode in the aluminium downstream major, Indian Aluminium's recent history. The company was stunned by a sudden Sterlite bid, first for 10 per cent, then for 20 per cent and finally for 52.03 per cent of its stake.

Alcan of Canada pipped Sterlite Industries at the post as financial institutions finally made up their mind and shunned Sterlite's takeover bid for Indian Aluminium. They chose, instead, to respond to the bid defence offer of Rs 175 of Alcan, Indal's single largest stakeholder. The FIs, which hold 36 per cent in Indal, have already lodged their shares for transfer with Indal.

The open offer made by Alcan and Sterlite Industries for respectively 52 per cent and 20 per cent stakes in Indal closed for subscription on Tuesday. Sterlite Industries had offered a total consideration of Rs 221 per Indal share, of which Rs 131 was payable in cash and the balance paid through issue of optionally convertible preferenceshares.