Aerospace and Defense
Defense budgets are not declining as sharply as some had feared, but companies are scrambling to ensure continued earnings growth. Get exclusive insight into the defense sector from the Reuters Aerospace and Defense Summit. Full Coverage
Alcan says will consider Alcoa bid
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)
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)
