BHP Billiton, the world`s largest mining company, would neither deny nor confirm a report in the UK`s Times newspaper that it was studying a US$40 billion bid for US aluminium producer, Alcoa Inc. Shares of Alcoa rose in Frankfurt.
BHP Billiton doesn`t comment on rumour or speculation, spokeswoman Samantha Evans said on Monday.
BHP Billiton is in the early stages of a potential offer and hasn`t made an approach, the Times said on Monday.
The paper said in February BHP Billiton was considering bidding for Alcoa.
A five-year rally in metals prices has fuelled US$86 billion of announced takeover bids in the industry this year. Earlier this year, Alcoa offered US$27.7 billion for Alcan Inc, which was rejected in May.
Alcan is studying options, which may include working with BHP Billiton, to fight off the bid, an Alcan executive said last week.
Alcoa`s stock advanced 87 cents, or 2.8%, to US$42.73 as of 12.39 pm in Frankfurt. BHP Billiton`s shares in London gained 7 pence to 1,365 pence.
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