Norsk Hydro (nyse: NHY - news - people ) is preparing to make a bid for Alcan Inc, the Canadian aluminium manufacturer which is already facing a bid from US rival Alcoa Inc (nyse: AA - news - people ), the Toronto-based daily The Globe and Mail reported.
Norsk Hydro has begun to work on an offer of over 30 bln usd, the Canadian newspaper said, citing investment bankers working with the two companies. Australian mining giant BHP Billiton (nyse: BBL - news - people ) is also interested in Alcan, the paper noted.
A spokesman for Norsk Hydro, Thomas Knutzen, declined to comment on the news to Agence France-Presse. 'We never comment on these sorts of rumours', he said.
Alcan is the subject of a bid from Alcoa worth 33 bln usd including debts, to form the world's biggest aluminium company.
Alcan has rejected Alcoa's offer, saying it was too low, but the company said on Friday that it would be ready to study an improved offer.
Alcan also did not rule out launching a counterbid for Alcoa.
Alcan, which bought the French company Pechiney in 2003, also indicated that it had been approached by other parties than Alcoa with a view to a merger, but did not name them.
The Australian daily Sydney Morning Herald reported today that Rio Tinto could also launch a bid for Alcan.
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