A report that diversified mining giants Rio Tinto(RTP Quote) and BHP(BHP Quote) may both want to buy aluminum smelter Alcoa(AA Quote) for up to $40 billion may be little more than a banker's fantasy.
The story, from the London-based Times newspaper, would be the latest transaction in string of recent monster deals across the metals sector, should it actually go through.
Late last year, Freeport-McMoRan Copper & Gold(FCX Quote) struck a $26 billion acquisition plan for Phelps Dodge(PD Quote), and before that there was a bidding frenzy in which a bevy of firms, including Anglo-Swiss concern Xstrata, Canada's Teck Cominco(TCK Quote), Phelps and Brazil's Companhia Vale do Rio Doce(RIO Quote), went after Canada-based nickel miners Inco and Falconbridge. Eventually Xstrata won Falconbridge, while CVRD took Inco. ...
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