Norsk Hydro in Canadian Alcan bid
Published May 28th, 2007
Norwegian Norsk Hydro is preparing an offer to buy Canadian aluminum giant Alcan, which is already the target of a takeover bid by the US firm Alcoa, the Toronto Globe and Mail reported on Monday.
Norsk Hydro, which is 43% owned by the Norwegian government, is readying an offer of more than $30bn, the newspaper wrote, citing investment bankers working for both companies.
A spokesperson for Norsk Hydro, Thomas Knutzen, declined to comment on the report when contacted by AFP.
Anglo-Australian BHP Billiton is also interested in buying Alcan, the newspaper reported.
Alcan has rejected Alcoa’s takeover bid of $33bn and said Friday it was ready to study an improved offer.
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