Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Guy Buys $123 Safe on eBay, Finds $26,000 Inside Seller tries to get half the cash back, fails »

Alcan Steels Itself Against Alcoa Bid

Canadian aluminum producer rejects US rival, says it will seek other offers

By J. Kelman,  Newser User

Posted May 22, 2007 6:17 PM CDT
Email

(Newser) – Canadian aluminum maker Alcan has rejected the $24.7-billion bid from rival Alcoa that would have been the biggest takeover in the metals industry, and signalled its intention to look elsewhere. Alcoa’s  $74.60-per-share bid was inadequate, Alcan’s CEO said today, reigniting rumors that both companies may be ripe takeover targets.

Alcoa had hoped the deal would help it buck Chinese and Russian rivals, and the company is expected to up its offer. But some observers think the money won't help. "Alcan is even more of a national icon in Canada than Alcoa is in the US,'' says an analyst. "The backlash could make this a very difficult deal to get done."

Alcoa chairman and CEO Alain Belda explains his company's hostile bid for Canadian aluminum rival Alcan Inc., Monday, May 7, 2007 in Montreal. The bid, worth nearly $27 billion, comes after failing in almost two years of private talks to reach a negotiated deal. (AP Photo/CP, Paul Chiasson)
Alcoa chairman and CEO Alain Belda explains his company's hostile bid for Canadian aluminum rival Alcan Inc., Monday, May 7, 2007 in Montreal. The bid, worth nearly $27 billion, comes after failing in...   (Associated Press)
A woman leaves the head office building of Alcan Inc. in downtown Montreal in this Oct. 17, 2001 file photo. Alcoa Inc. is making a hostile bid for Canadian aluminum rival Alcan Inc. worth nearly $27 billion after failing in almost two years of private talks to reach a negotiated...
A woman leaves the head office building of Alcan Inc. in downtown Montreal in this Oct. 17, 2001 file photo. Alcoa Inc. is making a hostile bid for Canadian aluminum rival Alcan Inc. worth nearly $27...   (Associated Press)
This undated handout image received 07 May, 2007 shows the coil...
This undated handout image received 07 May, 2007 shows the coil...   (Getty Images)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

Alcan says it's "looking at all alternatives" to stop Alcoa deal
Wall Street Journal Subscription

Alcan, Alcoa both up in after hours trading
MarketWatch

 
Alcoa • Alcan • aluminum • takeovers • merger • acquisition

More Newser Stories

Aluminum Giant Makes Play for Rival

Bahrain Arm Accuses Alcoa of Corruption

Hot LBO Market Takes Hit

Burgeoning Saudi Firm Snags GE Plastics

Blackstone Makes $7.8B Deal for Alliance
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne