Alcan says Alcoa bid remains inadequate

Alcan Inc. said on Friday that a $28.6 billion hostile offer from Alcoa Inc. remains inadequate and the big Canadian aluminum maker is pursuing alternatives such as talks with other groups. But Alcan spokeswoman Anik Michaud declined to comment on reports that Rio Tinto, the world's second-largest miner, has asked investment banks to advise it on options, including a possible counterbid for Alcan. "We've said that from the outset that we were in discussion with third parties," Michaud said. She declined to identify the third parties.