Rio Tinto launches $38.1 billion bid for Alcan

SYDNEY (Reuters) - Mining giant Rio Tinto Ltd./Plc. (RIO.AX: Quote, Profile, Research, Stock Buzz) (RIO.L: Quote, Profile, Research, Stock Buzz) 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: Quote, Profile, Research, Stock Buzz), had been unanimously recommended by Alcan's board.