Alcoa (AA.N) shareholder JANA Partners LLC on Tuesday asked Alcoa's board to drop efforts to buy Canadian peer Alcan (AL.TO) (AL.N) and instead consider other alternatives, including the sale of the company.
"Given Alcoa's long history of failing to generate shareholder value through acquisition, we believe that its greatest value can be realized through a sale or break-up of the company," JANA managing partner Barry Rosenstein said in a letter to Alcoa Chairman and Chief Executive Alain Belda.
On Tuesday, Alcoa launched a hostile bid for Alcan worth nearly $27 billion after talks between the two aluminum producers failed to lead to a deal.
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