Alcan rejected Rio bid and other offers: Filing

Alcan Inc. agreed to be acquired for $38.1 billion (U.S.) by Rio Tinto Group on July 12 only after rejecting offers as far back as October 2006 that the Canadian aluminum producer described as "significantly" below its asking price. Rio Tinto, the world's third-largest mining company, made an "indicative" cash offer after meetings between its former chief executive, Leigh Clifford, and Alcan CEO Richard Evans in Paris on Oct. 24, Montreal-based Alcan said yesterday in a regulatory filing. A subsequent takeover offer by Rio Tinto also was rebuffed on May 1. Alcan said it also held talks with other parties, including Alcoa Inc., the New York-based aluminum producer that withdrew its cash-and-stock bid after the agreement with London-based Rio Tinto was announced. The filing also showed the deal may allow Evans to exercise stock options that would net about $34.3 million.