may be negotiating a possible merger agreement with
that would save the Canadian aluminum company from the hostile takeover effort that's been launched by
Reports appeared in Toronto's
Globe and Mail
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.