Alcan plays coy with Alcoa

The corporate dance between Alcoa and Alcan continues with the Canadian company declining to meet with its US predator to discuss the possibility of an enhanced offer. Alcoa chief executive Alain Belda wrote to his counterpart at Alcan - Dick Evans - on Jun 28 to say that Alcoa was willing to "consider value for Alcan's shareholders beyond that reflected in the outstanding offer." That followed a new overture to Alcan after media reports suggested it was opening a data room to other potential interested parties. So far, however, the Canadian company is resisting the amorous advances of its US peer. The response to the latest letter from Evans was that it had been discussed "thoroughly" by the strategic committee of Alcan's directors. "At this point we see no reason to engage in further discussions or correspondence."