Rio Tinto rejection

It has been revealed Rio Tinto made takeover offers for Canadian aluminium producer Alcan as far back as October last year, which were rejected. In a regulatory filing Alcan said the prior offers were significantly below its asking price. Alcan agreed to a $44 billion offer by Rio Tinto almost two weeks ago, in a merger that will create the world's biggest aluminium producer. Alcan said it also held talks with US producer, Alcoa, which withdrew its hostile $32 billion takeover offer for the Canadian group after Rio trumped it with a bid worth 33 per cent more.