Aluminum bid: Rio Tinto offers $38B for Alcan |
| USA Today - Jul 12, 2007 |
Mining giant Rio Tinto (RTP) has offered to buy Canadian aluminum company Alcan (AL) for $38.1 billion in cash, the companies said Thursday, in a friendly takeover that counters a hostile bid by U.S.-based Alcoa (AA).
The bid tops a $28 billion offer of cash and stock from Alcoa that Alcan's board rejected in May, and would create the world's largest aluminum company.
In a joint statement, Rio Tinto and Alcan said the Anglo-Australian miner is offering $101 per share for Alcan and Alcan's board is recommending the deal to shareholders.
"This transaction combines two leading and complementary aluminum businesses, and is a further step in Rio Tinto's strategy of creating shareholder value through investing in high quality, large scale, low cost and long life assets in attractive sectors," Rio Tinto chairman Paul Skinner said.
Read Full Article from USA Today
- Posted: 2007-07-12 10:32:20
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