12. July 2007
Alcoa secures $30 billion credit line for Alcan acquisition
> Alcan said to begin merger talks with Rio Tinto
> Rio Tinto Plans $34 Billion Alcan Bid To Counter Alcoa Offer
> Reuters Canada Business Summary: Alcan begins merger talks with Rio Tinto
NEW YORK (Reuters) - Alcan Inc. has begun negotiating toward a merger agreement with Rio Tinto PLC to fend off a hostile bid from U.S. rival Alcoa Inc., Canada's the Globe and Mail newspaper reported on its Web site. Britain's Times newspaper also reported that Rio was poised to launch a $34 billion takeover of Alcan, saying that Wall Street bankers believe the rival offer "is ready to go hot" with a formal approach within two weeks.