Canadian aluminum producer Alcan Inc., fending off a hostile $27 billion takeover bid by U.S. competitor Alcoa Inc., has entered talks with Australian mining giant BHP Billiton Ltd., a newspaper reported Wednesday.
BHP Billiton CEO Chip Goodyear, while not speaking specifically about a deal, said Wednesday he does not rule out "opportunistic" takeovers.
"We always look at acquisition opportunities," he told a business breakfast in Perth, Australia.
Montreal-based Alcan has rejected Alcoa's offer as inadequate, saying Tuesday in a filing with U.S. regulators that it is exploring alternatives, including talks with third parties.
The Globe and Mail, a Canadian newspaper, reported Wednesday that Alcan was in talks with BHP Billiton, the world's biggest resource company.
Alcan had no comment.
Bill Selesky, an analyst at Argus Research Corp., said market speculation indicates that several industry players, including BHP Billiton and Anglo-Australian rival Rio Tinto PLC, may be talking with Alcan.
"Alcan fits into either one," he said.
Alcan may have a third potential buyer -- Brazil's Companhia Vale do Rio Doce SA, analysts said.
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