According to this proposal Alcan would make two separate and independent share exchange offers, one for the shares of Alusuisse and the other for the shares of Pechiney. Although the ultimate aim of the companies is a three-way merger, the two offers are not conditional upon each other and it is possible for one merger to happen without the other. The Commission examined the two cases on their own merits, and concluded that although the Alcan/Alusuisse transaction could be declared compatible with the common market, the Alcan/Pechiney merger was more problematic.
Die Kommission untersuchte die zwei Fälle getrennt und kam zu der Schlußfolgerung, daß, obwohl die Alcan-/Alusuisse-Transaktion mit dem gemeinsamen Markt für vereinbar erklärt werden könnte, die Alcan-/Pechiney-Fusion problematischer war.