Canada Competition Panel To Review Alcan Takeover

Canada’s Competition Bureau said it expects to review a takeover bid for Alcan, but won’t say if it’s received any preliminary approach.

“Certainly we expect that we will be reviewing the transaction but beyond that at this point obviously it’s premature to say anything more,” Melanie Aitken, the senior deputy commissioner of competition, mergers,” said in an interview with Dow Jones Newswires.

As reported,Alcoa has launched a $26.9 billion hostile bid for Alcan.

Aitken would not comment when asked if the panel has received any preliminary overtures on the transaction.

She said the panel tries to work as fast as possible to deliver its rulings.

“In all cases, we’re very sensitive to parties’desire to know what our position is as early as possible so we work as expeditiously as we can,” Aitken said.

She could not estimate how long it will take to rule on the Alcan takeover because the panel doesn’t yet have information on the transaction.