Alcan said its board had rejected an offer to buy the company for C$74.60 a share by US aluminium producer Alcoa as being "inadequate in multiple respects."
In a series of interviews Alcan chief executive and president Dick Evans said the company was now considering all options—"the operative word here is all"—and has already started talks with third parties.
Naturally he didn't name any such parties. Also naturally, that hasn't stopped a massive amount of media speculation with Canadian newspapers putting BHP Billiton in the frame. There is also a fair degree of speculation that Alcan might launch a "pac-man" defence, turning the tables on Alcoa with its own take-over offer.
Alcan rejected the Alcoa offer as too low but also accused it of being "highly conditional and uncertain". "Furthermore, it is clear to us that Alcan and Alcoa have fundamentally different approaches and track records in creating shareholder value."
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