Rio Tinto to extend deadline for Alcan bid

MONTREAL — — Rio Tinto plans to extend its $38.1-billion (U.S.) takeover offer for Canadian aluminum giant Alcan Inc., giving it more time to obtain regulatory approvals. The offer of $101 a common share for Montreal-based Alcan is open for acceptance until Sept. 24, but London-based Rio Tinto said Friday that necessary approvals will take longer to obtain, making an extension necessary. “The offer is expected to close in the fourth quarter of 2007,” Rio Tinto said in a release. The firm also said it has scheduled special meetings of its shareholders to vote on the takeover. A meeting of Rio Tinto PLC will be held Sept. 14 in London, the global company announced. And a meeting of Rio Tinto Ltd. will be held Sept. 28 in Melbourne, Australia. The offer and takeover bid circular, as well as other materials, have been filed with Canadian securities regulatory authorities. Rio Tinto is headquartered in Britain, combining Rio Tinto PLC, a London-listed company, and Rio Tinto Ltd., which is listed on the Australian Securities Exchange.