As Alcan Inc. again promoted its "numerous" options to fend off a hostile takeover by Alcoa Inc., one industry analyst downgraded Alcan stock, saying it's unlikely the Montreal-based producer will see a "white knight" ride to its rescue.
Christel Bories, president and chief executive officer of Alcan's engineered-products unit, told reporters in Paris yesterday that Alcan may look for help from a global mining giant such as BHP Billiton Ltd.
"Alcan is in a very strong position to open other options than the Alcoa one," she told Bloomberg News. "Our board is working today on all these other options, and they are numerous. We'll know in the following weeks which one is preferred."
Montreal-based Alcan spokeswoman Anik Michaud said that Bories was simply restating "old news." When Alcan rejected Alcoa's stock-and-cash offer last month, company CEO Dick Evans told reporters that all options, including a "Pac-man" bid whereby Alcan would go after Alcoa, were under consideration.
In a report to clients issued from New York yesterday, Bear Stearns analyst Anthony Rizzuto said that Alcan would be unlikely to find a better suitor than Alcoa, but that Alcan could make a viable bid for Alcoa.
"We cannot rule out the possibility of a third party emerging as a white knight to Alcan. However, we don't believe other potential acquirers could generate the same level of synergy opportunities," Rizzuto wrote.
"We also cannot rule out Alcan making a counteroffer for Alcoa, a so-called Pac-man strategy."
The Alcan offer would have a "greater mix of stock vs. cash" and total $50 U.S. per share, Rizzuto calculated.
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