Rio Tinto, the world`s third-largest mining company, would neither confirm nor deny a report in the Age newspaper it hired Deutsche Bank AG for advice on a possible bid for aluminium producer Alcan Inc.
Rio Tinto doesn`t comment on rumour and speculation, said Fiona Powell, a Melbourne-based spokeswoman on Monday.
Deutsche Bank won`t comment, said Cathy Knezevic, a spokeswoman for Deutsche, from Sydney.
Alcan, the world`s third-largest aluminium producer, last week rejected a US$27.7 billion hostile offer from rival Alcoa Inc and said it was in talks with other suitors.
"The economics of a bid may not stack up related to what Rio Tinto can do itself, and they would be wary of paying too much or getting into an escalating bid," said Peter Arden, a Melbourne-based analyst at Intersuisse Ltd.
Shares of Alcan rose on May 23 after the Globe and Mail newspaper reported the Montreal-based company was in talks with BHP Billiton, the world`s largest mining company, to fend off the Alcoa bid.
Alcoa is proposing the biggest metals industry takeover as it loses market share to Chinese and Russian producers.
Other mining companies that may be interested in Alcan include Anglo American plc, Cia Vale do Rio Doce (CVRD), OAO GMK Norilsk Nickel and Teck Cominco Ltd, Credit Suisse Group said on May 7.
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