11:38 AM EST - Alcan Inc. : shares rose three per cent more early Wednesday after reports of talks with Australia's BHP Billiton Ltd. to try to fend off a US$33-billion takeover bid by U.S. rival Alcoa Inc. On the Toronto stock market, Alcan shares were up $2.68 at $90.90 - about $16 above Alcoa's offer. Alcan rejected Alcoa's offer Tuesday and CEO Dick Evans has said Alcan is having "ongoing discussions with third parties about various other transactions." A newspaper cited unnamed sources in a report that Alcan is in talks with BHP Billiton, the world's biggest resource company. Spokesman for Alcan and BHP declined to comment on the report. Recently, there has been media and investment speculation about a possible US$100 billion-plus bid by BHP Billiton for rival miner Rio Tinto, contributing to gains in Rio Tinto shares. BHP Billiton chief executive Chip Goodyear wouldn't say earlier Wednesday whether it is eyeing Rio Tinto, but he didn't rule out "opportunistic" takeovers. "We always look at acquisition opportunities," Goodyear told a business breakfast in Perth. Alcan Inc.
shares AL:CA are trading up three dollars thirty six cents at $91.58.
