Alcan denies it is selling division to Hindalco

MONTREAL- Alcan Inc. denied a report on Thursday that it is selling a business for $8 billion to $10 billion to India's Hindalco Industries Ltd.

"It's unfounded and untrue," said Anik Michaud, a spokeswoman for the Canadian aluminum maker. "At $8 billion, it would be material and we would put a press release out on it."

Dow Jones reported on Thursday from Mumbai that business channel CNBC-TV18 carried a story, citing unnamed sources at Hindalco, saying the bid would be made in coming weeks.

In the Dow Jones report, a Hindalco spokeswoman denied the company was preparing a bid.

Alcan, the world's second-largest maker of primary aluminum, has a market capitalization of $16.4 billion.

Alcan shares were up C$2.57, or 4.5 percent, at C$57.62 on the Toronto Stock Exchange and ahead $2.09 at $48.96 on the New York Stock Exchange on Thursday afternoon.