Alcan Inc. (TSX:AL) said on Tuesday it has acquired 76% of a small Indian firm, but declined to comment on media speculation it may bid for India's top aluminum maker, Hindalco Industries Ltd.
"The press speculates. I can't comment on that," Steve Henning, a director at Alcan Composites, a fully owned subsidiary of Alcan, told reporters on a visit to Mumbai.
The Times of India newspaper reported on Monday Alcan could team up with India's Sterlite Industries to bid for Hindalco as a way of making Alcan less of a takeover target.
Henning said Alcan Composites has bought 76% of Alukbond India Private Ltd., an aluminium composite panel-maker, for "less than $50-million."
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