Alcan in talks with Rio Tinto -reports

Alcan Inc. has begun negotiating a $34 billion friendly offer from Rio Tinto PLC to fend off a hostile $28.6 billion bid from U.S. rival Alcoa Inc., newspapers said on Wednesday.

Britain's Times newspaper said Rio was poised to offer $90 a share for Alcan, and Wall Street bankers believe the rival offer "is ready to go hot" with a formal approach within two weeks.

Canada's Globe and Mail newspaper, citing sources, said Rio Tinto had recently hired investment banker CIBC World Markets to help it prepare a bid for Alcan.

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- Posted: 2007-07-11 10:01:58

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