Alcan could be part of bid for Hindalco to fend off Alcoa, reunite with Novelis: Report

Alcan Inc. could be partnering with India’s Sterlite Industries to launch a takeover bid for India’s largest aluminium maker, Hindalco Industries Ltd., The Times of India reported on Monday.

The move could help Alcan fend of unwelcome suitor and U.S. rival Alcoa.

Hindalco, which saw its shares skyrocket on the news, recently completed its takeover of aluminum rolling and recycling company Novelis Inc., which was spun off from Alcan. Now, Alcan and Novelis could be reunited.

Meanwhile, the Hindustan Times last week said Hindalco and Sterlite’s parent company were discussing possible bids for Alcan, so much seems yet to be determined.