BHP Declines To Comment On Possible Alcoa Bid

Tuesday, Jun 19, 2007
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BHP Billiton wouldn't comment on a report that it is considering a bid for Alcoa, the world's largest producer of aluminum.

Analysts, however, don't dismiss the possibility BHP and the world's other leading mining companies are scouting around for sizable takeover targets, including Alcoa, while commodity prices remain strong.

The Times of London earlier reported that the Melbourne-based company has revived plans for a $40 billion takeover of Alcoa. Without saying where it received the information, the newspaper said BHP is only in the early stages of weighing a potential offer for the aluminum producer and isn't thought to have made an approach.

It added that a plan to bid for Alcoa was previously sidelined by Chief Executive Chip Goodyear, who favored returning cash to shareholders.

A spokesman for BHP said it is company policy not to comment on speculation or market rumor.

"It makes sense for BHP to revisit an Alcoa bid, as it's a useful fit for BHP's aluminum business," one analyst said. Alcoa shares rose nearly 3%.

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