Alcan turns down Alcoa meeting request

Alcan Inc. has rebuffed several overtures in recent weeks from rejected suitor Alcoa Inc. about a possible sweetened bid.

In a filing Tuesday with securities regulators in the United States, Alcan said CEO Richard Evans declined a request from Alcoa CEO Alain Belda for a meeting between staff of the two companies.

"At this point, we see no reason to engage in further discussions or correspondence," Evans responded via e-mail on June 27 to Belda's question.

A day later, Belda said again that Alcoa was willing to consider boosting its offer for its Canadian rival.

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.

Alcan is subsequently reported to have opened its books to several other potential suitors, such as Rio Tinto and BHP Billiton.

Alcan shares rose more than two per cent, closing at $1.93 at $88.83 on the TSX. Alcoa shares finished up 41 cents at $41.50 US on the NYSE.