Canada's Alcan Inc (AL.TO: Quote, Profile , Research) is in talks with global mining giant BHP Billiton (BHP.AX: Quote, Profile , Research) (BLT.L: Quote, Profile , Research) as it looks to fend off a takeover attempt by U.S. rival Alcoa Inc (AA.N: Quote, Profile , Research), Canada's Globe and Mail newspaper reported on Wednesday.
A BHP spokeswoman in Sydney would not comment on the report.
On Tuesday, aluminium producer Alcan rejected an unsolicited $27.6 billion takeover offer from Alcoa saying it did not reflect its assets, strategic capabilities and growth prospects, and announced it was in talks with unnamed third parties.
Alcan's (AL.N: Quote, Profile , Research) shares closed at $81.03 in New York on Tuesday, well above Alcoa's offer of $58.60 a share plus 0.4108 of its shares, which values Alcan at about $75 a share.
Alcan's shares are up about 30 percent since Alcoa's takeover bid was announced earlier this month as shareholders have anticipated other players may step in with rival offers.
"I expect other players to come in. It's not a question of if, now it's a question of when," said John Ing, analyst and president of Maison Placements Canada. "This is going to play out for a very long time."
Alcoa responded on Tuesday that it had offered a good price for Alcan, but would not comment on its next step.
"Our offer is full, fair and balanced," Alcoa finance director Charles McLane told the Reuters Global Mining and Steel Summit in New York shortly after Alcan rejected Alcoa's bid.
McLane declined to comment on specifics of the rejection until he could review it with fellow Alcoa executives.
BHP shares in London were up 1.1 percent at 1,219 pence by 0745 GMT. (Additional reporting by Steve James in New York and James Regan in Sydney)
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