KUALA LUMPUR: Rio Tinto, the world's second largest mining group, yesterday dismissed talk that it was lining up a bid for Canadian aluminium maker Alcan as speculation, but did not to deny the rumour outright.
The Sydney Morning Herald reported on Monday that Rio Tinto had hired Deutsche Bank to advise it on a possible bid for Alcan, which emerged as a hot takeover target this month after rejecting a US$28.5bil offer from Alcoa Inc.
"We always consider opportunities but whether or not we are moving ahead, doing anything like due diligence, is pure speculation," Oscar Groeneveld, chief executive of Rio Tinto Aluminium, told Reuters.
"I can't comment on that speculation because it is only speculation," he said on the sidelines of an economic conference in Kuala Lumpur.
Rio Tinto was a serious contender for a smelter project in Sarawak, Groeneveld said.
The project has been mooted for many years, but has never left the Malaysian Government's drawing board because of delays to a huge hydro-electricity scheme that would power it.
The 2,400-megawatt Bakun dam is now three-quarters complete and due to be finished in 2010.
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