Rio Tinto extends takeover bid for Alcan by one more month to Oct. 23

LONDON - Rio Tinto has extended its bid for Canadian aluminum producer Alcan Inc. as it needs more time to secure to secure regulatory approvals for the deal. The Anglo-Australian miner said Monday the US$38.1-billion takeover offer will remain open until Oct. 23. It was originally set to close on Sept. 24. As of Friday, less than 0.2 per cent of Alcan shares were tendered to the bid. "The extension is necessary to permit conditions to the offer to be satisfied, including obtaining various regulatory approvals," Rio Tinto said in a statement. Rio Tinto needs at least two thirds of Alcan's shares tendered to its offer for the takeover to win approval. The Anglo-Australian miner completed the first of two votes by its own shareholders on Friday, but it won't be known how that went until a second vote in Australia Sept. 28. The United States has given its antitrust approval and Canada's Competition Bureau said it doesn't object to the merger. But the deal still needs approvals from France, Industry Canada, the Australian Competition and Consumer Commission and Australia's Foreign Investment Review Board. It must also win approval from U.S. national security because of Alcan's defence work. Shares in Alcan were down 15 cents at C$101.82 in early trading on the Toronto Stock Exchange.