Alcan Inc. (AL) Finds a White Knight
Mining giant Rio Tinto has offered to buy Canadian aluminum company Alcan Inc. for $38.1 billion in cash, the companies said Thursday, in a friendly takeover that tops a hostile bid by U.S.-based Alcoa.
The bid exceeds a $28 billion offer of cash and stock from Alcoa Inc. 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 was offering $101 per share for Alcan and that Alcan's board was recommending the deal to shareholders.
The bid exceeds a $28 billion offer of cash and stock from Alcoa Inc. 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 was offering $101 per share for Alcan and that Alcan's board was recommending the deal to shareholders.
Labels: AL, Alcan Inc.
posted by Stock Administrator @ 1:43 PM
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