Rio Tinto Ltd is set to join the pool to acquire Canadian aluminum producer Alcan Inc, as it reported to hire Deutsche Bank to advise on a possible bid.
Aluminum producer Alcan Inc is on buyers’ radar as other giants are also aiming to merge it into their company and get an upper hand in the Canadian aluminum industry as giant has a healthy presence in the remote markets.
World’s biggest miner, BHP Billiton Ltd also reported to engrossed to buy Alcan Inc as aluminum producer has rejected a $27 billion hostile takeover offer from New York-based rival Alcoa. It is speculating that Alcan is constantly in talks with BHP Billiton Ltd., as part of its plan to consider alternatives to the Alcoa bid, but its position is same as others seekers.
Along with Rio Tinto, Alcoa and BHP, other market represents interested in Alcan are Brazilian giant CVRD, Anglo American, Xstrata, Russia’s Rusal, Chinese groups and possibly private equity. The same groups are also interested at Alcoa.
Rio Tinto is also speculating for takeover by the rivals and by acquiring Alcan, it can loosen rival increasing grip.
Image: stav
Via: rttnews
