The Canadian Press today reports that Alcan Inc. executive Christel Bories told a news conference in Paris that her company still is looking for a major manufacturer to help it fend off Alcoa Inc.'s hostile takeover bid.
Christel Bories, Alcan's CEO of engineering products units, said at a news conference in Paris that all options were credible and that the company might be an interesting target for large mining companies who are flush with money, such as Australian mining giant BHP Billiton. Last month, Alcoa presented a hostile $27-billion cash-and-shares offer for Alcan. Alcan has rejected the bid and chief executive Dick Evans has said the company is talking with third parties about "various other transactions."Bories used to head Alcan's packaging business, which we reported last month could be jetissoned if Alcoa succeeds in making this deal. So stay tuned -- something is likely to happen soon.