RPT-UPDATE 1-BHP no longer considering Alcoa bid - report

(Reuters) - NEW YORK, July 19 - BHP Billiton
is no longer considering making an offer for Alcoa , The
Australian newspaper reported on Thursday, citing unnamed
sources, pushing Alcoa shares down more than 7 percent.




Sources have previously told Reuters, and it was widely
reported, that BHP had been considering the idea of making
offers for Alcoa and Alcan Inc. , the Canadian company
that just fought off a hostile bid from Alcoa by agreeing to a
friendly deal with Rio Tinto .


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Canada Dollar Rises on Speculation Company Acquisitions to Boost Demand

(Bloomberg) -- The Canadian dollar rose for the
first time this week on speculation that acquisitions of
Canadian companies will increase demand for the currency.

Rio Tinto Group, the London-based miner, agreed to buy
Montreal-based Alcan Inc. for $38.1 billion to form the world's
biggest aluminum maker.


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Rio Tinto near deal to buy Alcan for $37 bln - WSJ

(Reuters) - Global miner Rio Tinto was near a deal to buy Canadian aluminium giant Alcan Inc. for about $100 per share, or $37 billion, The Wall Street Journal Online reported on Thursday.

A final deal should be announced early on Thursday, the Journal said, citing people familiar with the transaction.


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Stock index futures indicate firm market open

(Reuters) - In takeover talk, Canada's Globe and Mail newspaper reported that Alcan has begun negotiating toward a merger agreement with Rio Tinto to fend off a hostile bid from U.S. rival Alcoa .




Dow Jones & Co. , in talks for a takeover by News Corp. , met supermarket magnate Ron Burkle and Internet entrepreneur Brad Greenspan on Tuesday in an effort to find an alternative offer, a source familiar with the situation said.


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BHP seeks partner for Alcoa bid - paper

(Reuters) - Sources familiar with the matter told Reuters last month
that BHP had appointed investment bank Merrill Lynch to
work on a possible bid for Canada's Alcan Inc , which is
the subject of a $28.7 billion hostile bid from Aloca.




The Times said Alcoa was BHP's preferred target, but it was
unwilling to pay a premium for assets that it does not want to
retain and so wanted to team up with a bid partner.


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Rio Tinto said to be eyeing Alcan/Alcoa deal

(Reuters) - Rio has asked investment banks Credit Suisse and Deutsche Bank to advise it on a range of options, including a possible bid for Alcan, the sources said. A bid for Alcoa is also possible but less likely, they added.




Rio declined to comment, as did Credit Suisse. A spokesman for Deutsche Bank could not be reached.


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Canadian Stocks May Fall as Oil Prices Decline; Canadian Natural May Drop

(Bloomberg) -- Canadian stocks may fall for a second
day, led by energy producers including Canadian Natural Resources
Ltd., after crude oil prices slipped from a nine-month high and
Merrill Lynch & Co. downgraded the natural-gas company's stock.

Losses in the market may be limited as raw-materials producers
gain on speculation there will be more takeovers in the industry,
after a report that Alcan Inc. opened its books to potential
bidders. Copper prices rebounded from a drop yesterday and may also
support resource stocks.


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Alcan says considering all options to Alcoa bid

(Reuters) - Michaud spoke after a press conference in Paris, during which Christel Bories, president and chief executive of Alcan's Engineered Products Group, was quoted by news agencies as saying a counteroffer for Alcoa or tie-up with a big international miner were among credible options.




Alcan has rejected Alcoa's May 7 cash and stock offer, which, based on Alcoa's share price on Wednesday, was worth $75.02 a share. Alcan says Alcoa's bid does not reflect the value of Canadian company's assets, technology and growth prospects.


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UPDATE 1-Alcan rejects Alcoa's $27.6 billion takeover bid

(Reuters) - Alcan said the offer did not reflect the full value of the
company and advised shareholders not to tender any of their
shares to the bid.




In a release, Yves Fortier, chairman of Montreal-based
Alcan, said that the offer did not adequately reflect the value
of Alcan's assets, strategic capabilities and growth prospects,
and is highly conditional and uncertain.


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