Alcan, Rio Tinto Talk Deal - TheStreet

Alcan, Rio Tinto Talk Deal

Alcoa's takeover bid has been rejected by Alcan.
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Alcan

(AL) - Get Report

may be negotiating a possible merger agreement with

Rio Tinto

(RTP)

that would save the Canadian aluminum company from the hostile takeover effort that's been launched by

Alcoa

(AA) - Get Report

.

Reports appeared in Toronto's

Globe and Mail

and London's

Times

indicating a Rio Tinto proposal could soon be officially laid out. Alcoa has been trying to buy Alcan, but the target company has said the terms aren't adequate.

Shares of Alcan were up 0.9% at $86.92. Alcoa was adding 1.4% to $42.25, and Rio Tinto was rising 1.7% to $320.75.