Alcoa chief firm on Alcan

Alcoa Chief Executive Alain Belda indicated Monday he was reluctant to raise his company's $28.3 billion bid for Canadian rival Alcan.

"At the moment, we think this is a full price," he said, speaking on the sidelines of a JP Morgan conference in New York. "I'd hate to have to go higher than that at this point."

Alcan has rejected Alcoa's offer, saying the price is too low.

Belda told Reuters that Alcan had "overshot, but will come back."

Alcan's newest suitor: Rio Tinto

"We'll let it play out ... It happens in every deal. I am confident it will be achieved," he said.

Alcoa shares edged upward to $39.66 in premarket trading Monday on the New York Stock Exchange. Alcan shares closed at $83.29 Friday.