Alcan slams door on suitor Alcoa again |
| Globe and Mail - Jul 4, 2007 |
Alcan Inc. has once again rebuffed an overture from rival Alcoa Inc., even after its U.S. pursuer hinted it might be willing to sweeten its $28-billion (U.S.) hostile bid if it were given access to confidential financial information.
Alcan's refusal to allow Alcoa into a data room it has reportedly set up for other possible bidders - regardless of whether this access could lead to an improved offer - prompted some speculation yesterday that the Montreal aluminum producer may be making progress with another suitor.
"I'm not sure why they would not let them in the data room if they are letting everyone else in," said Canaccord Adams analyst Orest Wowkodaw. "You'd think that they could point to more value there ... Maybe they think they are close to something with BHP or Rio."
Read Full Article from Globe and Mail
- Posted: 2007-07-04 10:15:18
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