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Alcan says will consider Alcoa bid

MONTREAL
Mon May 7, 2007 12:25pm EDT

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MONTREAL (Reuters) - Alcan Inc. AL.TO, the world's second-largest maker of primary aluminum, said on Monday it would consider an unsolicited $27 billion takeover bid its No. 1 rival Alcoa Inc. (AA.N)

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Alcan said it recommended that its shareholders defer making any decision on the Alcoa offer until the Canadian company's board has had an opportunity to review the bid and make a formal recommendation on its merits. Alcan said it remained committed to building and delivering value for its shareholders and other stakeholders.

Alcan shares surged $21.15, or 31 percent, to C$88.70 on the Toronto Stock Exchange and $19.78 to $80.81 on the New York Stock Exchange on Monday morning.

($1=$1.10 Canadian)
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