Anglo-Australian miner BHP Billiton has hired Merrill Lynch & Co. to assist in reviewing a takeover bid for Montreal-based Alcan Inc. according to reports Monday.
Melbourne-based BHP Billiton , the world's largest miner by volume and revenue, has hired Merrill Lynch to help in examining the possibility of an offer for the Canadian aluminum producer, according to media reports.
The Times of London reported earlier in the week that BHP Billiton had revived plans for a $40 billion takeover of New York-based Alcoa Inc. . The British newspaper report said BHP was in the early stages of evaluating the merits of a takeover and is not thought to have formally approached Alcoa.
Alcoa and Alcan rank as the second- and third-largest aluminum producers globally. Russia's United Company Rusal took the top spot following a three-way merger that was completed at the end of March.
Resource and mining analysts in Australia said it was likely BHP Billiton had assessed the merits of a takeover of both aluminum producers, but added there was little to suggest a bid for either was imminent.
Sydney traded shares of BHP Billiton dropped 0.6% to A$34.48 ($29.08), scaling back after closing at a record in the previous session.
In May, Alcoa launched a $27 billion hostile takeover for its Canadian-based rival, which was later rejected by Alcan's board.
Alcoa, meanwhile, has submitted plans to U.S. antitrust authorities to win approval for a possible takeover of Alcan, aiming to smooth the regulatory road bumps that a combination of the two aluminum giant would likely raise.
Alcoa is also considering selling off its packaging and container operations, a move applauded by shareholders who argued they were a drag on the more profitable mining and smelting division.
If Alcoa's bid for Alcan is successful, it would solidify Alcoa's spot as the world's largest maker of raw aluminum, with control over 20% of the world market.
Several companies are reportedly circling both Alcoa and Alcan as potential takeover targets.
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