Anglo-Australian mining company Rio Tinto has reportedly instructed Deutsche Bank to investigate a possible bid of around US$27 billion for Alcan. The move follows the rejection by Alcan of an unsolicited offer by Alcoa.
Current indications suggest that there may now be a bidding war with companies such as BHP Billiton, Companhia Vale do Rio Doce, Rusal, Anglo American and Xstrata being named as possible contenders.
Alcan has previously indicated that it plans to shed its packaging division, but it is unclear whether it is actively pursuing this with the unfolding developments.