Alcan Inc. said on Wednesday it is considering its alternatives to a $28.4 billion hostile takeover offer from Alcoa Inc., but declined to say if a counter bid for its U.S. aluminum rival was one of them.
"The strategic committee continues to look at all options," Alcan spokeswoman Anik Michaud said.
Michaud spoke after a press conference in Paris, during which Christel Bories, president and chief executive of Alcan's Engineered Products Group, was quoted by news agencies as saying a counteroffer for Alcoa or tie-up with a big international miner were among credible options.
Alcan has rejected Alcoa's May 7 cash and stock offer, which, based on Alcoa's share price on Wednesday, was worth $75.02 a share. Alcan says Alcoa's bid does not reflect the value of Canadian company's assets, technology and growth prospects.
Meanwhile, Alcan's strategic committee of directors, managers and advisers are looking for alternatives to Alcoa's bid.
Two options cited by analysts include Alcan finding a white knight in the form of a miner, such as BHP Billiton , or mounting a counter bid for Alcoa.
Alcoa shares were up 61 cents or 1.5 percent at $39.95 on the New York Stock Exchange on Wednesday morning, lagging the rise in the share price of mining and metals stocks such as BHP Billiton, Rio Tinto and Anglo American Plc.
Alcan shares were up 34 cents at $82.77 in New York. They climbed 57 Canadian cents to C$88.30 on the Toronto Stock Exchange.
The Paris press conference was held in the lead-up to next week's International Paris Air Show.
Earlier on Wednesday, Alcan said it had signed a long-term agreement to supply Airbus with a variety of high-performance aluminum products for aircraft, including the A380 and A350 XWB. It did not disclose financial terms of the contract.
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