Alcan begins merger talks with Rio Tinto
Alcan Inc. has begun negotiating toward a merger agreement with Rio Tinto PLC to fend off a hostile bid from U.S. rival Alcoa Inc., Canada`s the Globe and Mail newspaper reported on its Web site.
Britain`s Times newspaper also reported that Rio was poised to launch a $34 billion takeover of Alcan, saying that Wall Street bankers believe the rival offer "is ready to go hot" with a formal approach within two weeks.
An Alcan spokeswoman could not immediately be reached for comment. A Rio spokesman in London had no comment.
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