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Alcan confirms has signed standstill pacts

MONTREAL
Wed Jul 11, 2007 9:37am EDT

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The Alcan Inc. headquarters is seen in Montreal, Quebec, May 7, 2007. 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. REUTERS/Christine Muschi

MONTREAL (Reuters) - Alcan Inc. AL.TO AL.N confirmed on Wednesday that it has signed confidentiality and standstill agreements with third parties as it seeks alternatives to a hostile $28.6 billion takeover bid from rival Alcoa Inc.

"We're in negotiations with third parties," said Alcan spokeswoman Anik Michaud. As part of any negotiations, Alcan has required that third parties sign confidentiality and standstill agreements, she added.

Michaud declined to identify the third parties, or comment on reports that Rio Tinto (RIO.L) (RIO.AX) is preparing to bid for the big Canadian aluminum maker.


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