Alcan opens books to potential suitors: report

Alcan Inc. has opened its books to two firms, Rio Tinto and BHP Billiton, in a possible move meant to ward off a takeover bid from Alcoa Inc., according to a published report Wednesday.

Without citing named sources, the Sydney Morning Herald said the two firms have been granted access to Montreal-based Alcan's data room.

In May, Montreal-based Alcan rejected a $27-billion US takeover bid — or $33 billion US when acquired debt is included — from Alcoa, calling it inadequate.

The Australian newspaper reported that sources said other bidders would try to prolong the bidding process and erode Alcoa's chances of landing Alcan.

Earlier this week, the Times of London reported that BHP has resurrected plans for a possible bid for Alcoa.