BHP in takeover talks with aluminium giant

Thursday, May 24, 2007
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Australian resources giant BHP Billiton is in preliminary talks to acquire the world's second largest producer of aluminium and one of Canada's biggest companies, Alcan.

Company insiders say Alcan's talks with BHP came about after it rejected a $35 billion offer from US aluminium company Alcoa last week.

Alcan made it very clear it does not want any kind of merger or takeover from its US counterpart.

Analysts are already saying that such a takeover may be a good fit for both companies.

It would almost double the Australian company's revenues, although selling aluminium is not as profitable as many of BHP's current resource operations.

BHP's enormous market capitalisation should make even the large purchase of Alcan easily digestible.

The talks are at an early stage and Alcan is still in discussions with other unnamed companies.

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