Alcoa declines comment on BHP speculation

Alcoa Inc. declined comment Monday on a report that global miner BHP Billiton Ltd. was preparing a $40 billion bid for the aluminum giant.

Shares of Alcoa were up nearly 2.5 percent before the opening of the stock market after Britain's Times of London newspaper reported BHP's plans.

In an e-mail, Alcoa spokesman Kevin Lowery said the company has a long-standing policy not to comment on market speculation.

"It is neither productive nor prudent to do so," Lowery wrote.

Alcoa is based in New York City, but employs about 2,000 in Pittsburgh. BHP is based in Melbourne, Australia.

The reported takeover bid is the second major transaction involving Alcoa in the last two months. In May, the company made a $27 billion bid for Alcan, but the board of the Canadian company has urged shareholders to reject the offer.