CVRD Offered ‘Well Above’ $90 A Share For Alcan

Rio Tinto’s recommended $38.1 billion all-cash takeover of Alcan trumped a bid from Brazilian miner Companhia Vale do Rio Doce that valued the company “well above” $90 a share, Canada’s The Globe and Mail reported in its Tuesday editions. Rio Tinto’s offer values Alcan shares at $101, far above Alcoa’s $27 billion-plus hostile bid in April. Citing documents filed Tuesday with securities regulators, the paper said Alcan held talks with as many as six possible buyers over a two month period before accepting Rio Tinto’s offer. CVRD does not comment on press reports, a company spokesman said, adding that it was not in talks with Alcan but it did not rule out talks at a future date. On Tuesday, Rio Tinto formally commenced its offer of the Canadian aluminum company, which is open for acceptance until Sept. 24.