Alcan Shares Gain After Reports of Norsk Hydro, Rio Tinto Bids |
| Bloomberg - May 29, 2007 |
Shares of Alcan Inc., Canada's biggest aluminum producer, rose in Germany on speculation that possible takeover offers from Norsk Hydro ASA and Rio Tinto Group may compete with Alcoa Inc.'s $27.7 billion bid.
Hydro, based in Oslo, was preparing a bid worth more than $30 billion for Montreal-based Alcan, the Globe and Mail reported yesterday, citing unidentified investment bankers. Rio, the world's third-largest miner by sales, hired Deutsche Bank AG to advise it on a possible Alcan bid, The Age newspaper in Australia reported, without citing anyone.
Earlier this month, New York-based Alcoa proposed the biggest ever metals-industry takeover after losing market share to Chinese and Russian producers. BHP Billiton Ltd., the world's largest mining company, and Brazil's Cia. Vale do Rio Doce could be rival bidders, Credit Suisse Group said May 7.
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- Posted: 2007-05-29 10:11:33
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