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ALCAN ALUMINIUM LIMITEE
<TABLE>
<S>                         <C>                         <C>                       <C>
1188, rue Sherbrooke Ouest  Adresse postale             Tel.: (514) 848-8000      LOGO
Montreal (Quebec) H3A 3G2   C.P. 6090                   Telec. : (514) 848-8115
Canada                      Montreal (Quebec) H3C 3A7   Telex: 05-25236
                            Canada                      Cable: Alcan
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EXHIBIT 10.17.:  FINANCIAL ARRANGEMENTS

                                                                16 February 2001

PERSONAL & CONFIDENTIAL

Mr. Jacques Bougie

Further to our discussions pertaining to your resignation as Chief Executive
Officer and Director of Alcan Aluminium Limited, please find hereunder the
details of the agreed upon financial arrangements.

1.   EFFECTIVE DATE

     Even though your resignation took immediate effect on January 10th, 2001
     your regular monthly compensation continues until 14 February. Effective 15
     February 2001, you will be considered a non-active employee as per the
     customary practices.

2.   SPECIAL BONUS

     The Board has awarded you a special bonus in the aggregate amount of
     US$3,962,140 in consideration of your extraordinary contribution to the
     Corporation over 20 years and, accrued but untaken vacation. This amount
     will be paid as follows:

     2.1  TRANSFER TO NON-ACTIVE PAYROLL (PART TO THE SPECIAL BONUS)

          Effective 15 February 2001, you will be transferred to the non-active
          payroll at a salary rate of US$33,333 per month (US$400,000 p.a.)
          until 1 August 2003, i.e. for a total of 29.5 months. The maximum
          total amount paid on the non-active payroll will be US$983,333.

          At any time during the non-active period (15 Feb. 2001 to 31 July
          2003) you may elect to stop these payments and be paid the remaining
          balance of the monthly payments in a lump sum. At the end of the
          non-active period, you will retire under the terms of the Alcan
          Pension Plan (APP) and the Alcan Supplemental Retirement Benefit Plan
          (ASRBP), but no later than 1 August 2003.

          In the event of death while still on the non-active payroll, the
          remaining unpaid balance of non-active payments will be paid as a lump
          sum to the beneficiary you designated under the Alcan Pension Plan.

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ALCAN ALUMINIUM LIMITEE

                                                                    [ALCAN LOGO]


                                                                16 February 2001


     2.2  A bonus of US$2,978,807 paid in a lump sum at the end of February
          2001. You may not elect to accelerate or defer the date of this
          payment.

          In the event of your death, prior to 31 January 2002, the amount of
          US$2,978,807 will be paid to the beneficiary you designated under the
          Alcan Pension Plan.

3.   IMPROVED PENSION

     As a further consideration to your past contribution to the Group the Board
     has increased your annual pension entitlement on 1 March 2001 (age 53,5833)
     by C$271,875. This additional pension is payable from Alcan's general
     revenues and is not subject to pension augmentations granted by the Company
     from time to time.

     You may elect to defer your pension commencement date but no later than
     your attainment of age 56. Should you make such an election, the amount of
     additional pension will be limited to the amount necessary to increase your
     regular pension benefit entitlement shown in your employment contract
     signed on 23 July 1999 (contract attached), under column "B" of Schedule B
     to C$950,000. At your pension commencement date, you will also receive a
     lump sum payment equal to the excess of (A) US$2,402,860 increased with
     interest at the rate of 6.25% p.a. from 1 March 2001 over (B) the actuarial
     value of the additional pension. The amount of additional pension may be
     commuted into a lump sum at any time up to age 56.

     In the event of death prior to your pension commencement date a lump sum of
     US$2,402,860 increased with interest at the rate of 6.25% p.a. from 1 March
     2001 will be paid to the beneficiary you designated under the Alcan Pension
     Plan. Upon your death after your pension commencement date, 60% of the
     amount of additional pension will be paid to your surviving spouse for her
     lifetime.

4.   OTHER REGULAR PAYMENTS

     --   EPA PAYMENT (PERIOD 1/1/00 TO 31/12/00)

          The amount has been determined by the Board in accordance with the
          rules of the Plan and will be paid at the end of February 2001. The
          amount payable is US$934,400, which will be converted into 23,250
          DSUs.

     --   EPA PAYMENT (PERIOD 1/1/01 TO 15/2/01)

          As provided under the Plan, an amount of US$106,250 representing 100%
          of the target bonus will be paid at the end of February 2001.

     --   MTIP PAYMENT (PERIOD 1/1/99 TO 31/12/00)

          As agreed, this program is deemed cancelled and no other payments are
          due or to be paid thereunder.


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ALCAN ALUMINIUM LIMITEE

                                                                            LOGO
5.   EMPLOYEE BENEFITS AND PERKS

     While on the non-active payroll for the purposes referred to above, the
     following miscellaneous benefits will continue to be available to you, but
     will be calculated, where applicable, on the specified reduced rate of
     compensation ($33,333 p.m.):

     --   Medical Plan
     --   Savings Plan
     --   Pension Plan (APP and ASRBP) - pension amount dealt with as referred
          to above (par. 3) Life Assurance Plan
     --   Perks (auto, club memberships, financial counseling)

     The following benefits cease on 15 February

     --   Eligibility for vacation accrual
     --   Eligibility for stock option
     --   Short and long-term disability programs

     Post retirement benefits normally available to all employees will be
     provided on retirement date.

6.   STATUS OF STOCK OPTIONS AND DEFERRED SHARE UNITS (DSUP)

     STOCK OPTIONS (OUTSTANDING OPTIONS)

     As you are eligible for retirement on 15 February 2001, the retirement
     provision of the Plan applies; that is, you may exercise any outstanding
     options on the earlier of 14 February 2006 (5 years) or to the end of the
     original period. All outstanding stock option loans for "A" options will be
     due and payable on the earlier of 14 February 2006 or on original maturity
     date. Furthermore, all waiting and holding periods are waived.

7.   DEFERRED SHARE UNIT PLAN (DSUP)

     While on the non-active payroll the provision of the Plan continues to
     apply. For purposes of the DSUP plan, you will be considered retired on the
     date you start receiving a pension from APP. Thus the distribution date of
     your accumulated DSUs will be at the end of the year following the year of
     retirement.

8.   RELEASE AND NON COMPETE AGREEMENTS

     The Board requests that you sign below to confirm your agreement with the
     foregoing as being the definitive settlement of all outstanding claims and
     rights of action which you may have against the Company and to confirm
     certain related undertakings on your part.

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ALCAN ALUMINIUM LIMITEE

                                                                            LOGO

On behalf of the Board of Directors, I thank you for your contribution and
dedication to the Group and wish you every success in your future endeavors.

                                               /s/  John Evans
                                 -----------------------------------------------
                                                  John Evans
                                            Chairman of the Board

I accept the terms and conditions set in this letter and in consideration
thereof:

1.   I give the Company full and final discharge and release and hereby waive
     all claims and demands, including for damages and costs, actions and causes
     of actions whatsoever, whether contractual or non-contractual arising out
     of or in connection with the termination of my employment contract.

2.   I acknowledge that my obligations with respect to the confidentiality of
     information regarding the Company and its business, affairs and assets
     shall remain binding and that I will not use any such information for the
     benefit of any party other than the Company.

3.   I acknowledge that until December 31, 2002 I will not be entitled to act as
     an employee, director of or officer of, advisor to or material investor in
     any corporation, partnership, person or other entity which carries on any
     business which is materially competitive with the Company's principal lines
     of business. Entities with such materially competitive businesses include
     those in respect of which a substantial part of the assets or revenues
     relate to:

     (i)  The mining or refining of bauxite, the production and sale of alumina
          or primary aluminum, the production and sale of aluminum products
          (such as can sheet, foil, litho sheet and other flat rolled products,
          wire and cable, castings and extrusions), the trading of aluminum or
          the production and sale of packaging products for tobacco,
          pharmaceutical, cosmetics, health care, food or beverage products.

     Since this paragraph 3 is intended to protect the interests of the Company
     and its shareholders, I understand that the Company, acting through its
     Board of Directors, will consider granting a waiver in respect of any
     opportunity I may have which would be in technical contravention of the
     foregoing but would not make my knowledge and wisdom with respect to the
     Company and its various businesses available to any entity which would be
     likely to have the opportunity to use same in a manner which would be
     materially detrimental to the interests of the Company or its shareholders.
     In this regard, I further confirm my understanding

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ALCAN ALUMINIUM LIMITEE

                                                                            LOGO

                                                                16 FEBRUARY 2001


     that should any such waiver be refused by the Company, I shall have the
     right to submit my request, in writing, with a copy of this letter
     agreement, to an independent third party who shall be, unless the Company
     and I otherwise agree, a retired judge of the Superior Court or Court of
     Appeal of the Province of Quebec. The third party shall take such steps as
     he or she considers reasonable to inform himself or herself as to the full
     nature of my request as well as the business and interests of the Company
     (including meeting with me and representatives of the Company should he or
     she consider it to be appropriate) provided that the decision shall be
     definitive and binding and rendered within no more then 14 days of the
     third party's acceptance to act in this matter. The expenses relating to
     the mandate of the third party shall be paid by the Company.

4.   For the purposes of the foregoing, the "Company" means Alcan Aluminium
     Limited as well as its subsidiaries, affiliates and joint ventures.




                                  /s/  Jacques Bougie
                              -----------------------------
                                       Jacques Bougie

Copies to:
Travis Engen
Gaston Ouellet


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