Report: BHP Wants Alcoa

The <I>Times</I> of London says a deal could be on the way.
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Alcoa (AA) - Get Report shares rose 3% in Europe on reports the aluminum giant will be taken out by Australian mining titan BHP Billiton (BHP) - Get Report.

The

Times

of London reported BHP is planning an acquisition of Alcoa, which is itself trying to buy Canadian rival

Alcan

(AL) - Get Report

. BHP told the

Associated Press

it doesn't comment on market rumors.