Canadian aluminum producer Alcan could make a counteroffer for rival Alcoa to fend off Alcoa’s $27 billion hostile bid, a senior Alcan executive said.
Speaking at a press conference, Christel Bories, head of Alcan’s engineered products division, said a counteroffer “is one of the options that we are analyzing.”
Montreal-based Alcan “has a lot of other options than just the Alcoa offer,” she said. She noted that the bid by New York-based Alcao comprises conditions and risks of execution, even if synergies between the two companies do exist.
Bories cited overlaps in the activities of the two companies and regulatory hurdles.
“Today, Alcoa’s offer isn’t attractive to Alcan. It’s not just a question of price,” Bores said.
Alcoa launched its bid for Alcan May 7.
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