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Rio Tinto launches $38.1 billion bid for Alcan

The Alcan Inc. headquarters is seen in Montreal, Quebec, May 7, 2007. Rio Tinto Ltd./Plc. <RIO.AX> <RIO.L> said on Thursday it has agreed to pay $38.1 billion, or $101 per common share, for Canadian aluminum company Alcan Ltd. <AL.TO>. REUTERS/Christine Muschi

The Alcan Inc. headquarters is seen in Montreal, Quebec, May 7, 2007. Rio Tinto Ltd./Plc. <RIO.AX> <RIO.L> said on Thursday it has agreed to pay $38.1 billion, or $101 per common share, for Canadian aluminum company Alcan Ltd. <AL.TO>.

Credit: Reuters/Christine Muschi

SYDNEY | Thu Jul 12, 2007 2:44am EDT

SYDNEY (Reuters) - Mining giant Rio Tinto Ltd./Plc. (RIO.AX) (RIO.L) said on Thursday it has agreed to pay $38.1 billion, or $101 per common share, for Canadian aluminum company Alcan Ltd. AL.TO.

Rio said the transaction, which tops a $28.8 billion offer from Alcoa Inc. (AA.N), had been unanimously recommended by Alcan's board.
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