Rio Tinto extends Alcan offer

Global miner Rio Tinto has extended its $US38.1 billion ($A45.33 billion) offer for Canadian aluminium producer Alcan Inc by about a month to October 23 so it can gain regulatory approvals, it has said. The all-cash offer of $US101 a share for Alcan had been due to close on September 24. Rio Tinto already has approvals from US and Canadian competition regulators, but still needs clearances from the European Union and Australia, which are expected on October 2 and October 10 respectively, spokeswoman Christina Mills said. Foreign investment clearances are also needed from Canada, Australia, the United States and France. "The approvals process is progressing as we expected," Mills said. Rio Tinto launched its pre-agreed offer for Montreal-based Alcan in July, trumping an earlier hostile offer by US rival Alcoa. Rio Tinto is set to become the world's largest aluminium producer ahead of Russia's UC RUSAL after the takeover, which is due to be finalised by the end of the year. At the close on Friday, 495,139 shares had been deposited under the offer and not withdrawn, representing less than 0.2 per cent of Alcan's shares. The offer needs at least 66.6 per cent acceptances, but investors typically wait until the last few days before an offer expires before tendering shares.