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Foundry Daily News

12. July 2007

Rio Tinto Plans $34 Billion Alcan Bid To Counter Alcoa Offer

Rio Tinto Ltd. (RTP) reportedly plans to launch a $34 billion takeover offer for Canada's Alcan Inc. (AL) within weeks.

The mining giant is preparing a $90 per share offer for Alcan in opposition to the hostile offer of $73 a share on the table from Alcoa Inc. (AA), The Times Online reported, citing unnamed sources.

Investment bankers believe a formal approach may come within two weeks. Rio Tinto has appointed Deutsche Bank AG (DB) to advise on the deal and is also working with Canadian Imperial Bank Of Commerce's (CM) CIBC World Market unit in Canada, the report added.

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