BHP resumes $40bn take-over?

Johannesburg - BHP Billiton, the world's largest mining company, is yet to confirm reports that it is considering a possible $40bn takeover bid for US aluminum giant Alcoa. London daily, The Times, reported today that BHP Billiton had begun talks with private equity firms over a possible bid. "BHP wants to concentrate on mining and refining and is looking for a private equity partner to spin off the packaging assets after acquisition," the newspaper reported. Alcoa is itself in the midst of a hostile take-over. It announced this morning that it had pushed the deadline for its $27.5bn offer to buy global aluminium producer Alcan out by a month. Buying Alcan would give Alcoa over 20% of the global aluminum market and secure its place as the world's second largest aluminum producer. BHP Billiton rival Rio Tinto, which hired Deutsche Bank two months ago and CIBC recently, is already considering a possible $30bn counter bid for Alcan. Announcing its second quarter results, Alcan said revenue had reached an all-time quarterly record of $8.1bn, up from a year-earlier from $7.8bn. At 13:10, BHP Billiton's Johannesburg listed shares were trading R1.91 lower at R214.10.