ALCAN AUSTRALIA BIDS FOR ALCAN NEW ZEALAND Alcan Australia Ltd <AL.S> said it will make a 39.3 mln N.Z. Dlr cash bid for all the issued shares of <Alcan New Zealand Ltd> at 1.80 N.Z. Dlrs each with a four-for-three share alternative. Both are 70 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 21.84 mln shares are broadly held while Alcan Australia's are primarily held by institutions. Alcan NZ last traded at 1.55 NZ dlrs, while Alcan Australia today ended four cents down at 1.15 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 10 cents a share normally payable on May 27. 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.