Alcan slaps down Alcoa bid
By Tom Stundza -- Purchasing, 5/23/2007 12:12:00 PM
Consolidation has been brewing in the aluminum industry since early this year. But it wasn’t mining companies BHP Billiton, Xstrata or Rio Tinto going after Alcoa of the U.S.; instead, Alcoa made an unsolicited $28 billion bid for Alcan of Canada. In effect, Alcoa is seeking to become the world's largest aluminum producer. The new combined company would have dual headquarters in New York and Montreal.
Naturally, Alcan's board of directors is urging shareholders to reject the Alcoa bid, claiming that the offer is too low. “This was entirely expected,” says independent metals analyst Charles Bradford in New York. So, it’s no surprise that Alcan has told the U.S. Securities and Exchange Commission that it is negotiating with third parties, presumably seeking a better deal. Stay posted to purchasing.com and Purchasing magazine’s June 14 issue for future updates.
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