Alcan Would Consider Sweetened Alcoa Bid

Aluminum producer Alcan Inc. said in a regulatory filing Friday it would consider a sweetened buyout offer from rival Alcoa Inc., or that it may even try to turn the tables and acquire Alcoa instead.Alcan earlier this week rejected a $27.4 billion hostile cash-and-stock takeover bid from Alcoa, saying the offer undervalues its assets.

Alcan said it would consider a new Alcoa proposal, but it would have to include better terms and price, according to a memo Alcan sent to workers and filed with the Securities and Exchange Commission. Alcan also said it might acquire Alcoa in a so-called "Pac-Man" maneuver.  "At this point, we have not foreclosed any options," Alcan said in the filing.

Alcan also said it is in talks with unidentified third parties.

Canada's Globe and Mail newspaper, citing unnamed sources, earlier this week reported Alcan has begun talks with Australia's BHP Billiton Ltd. Alcan has declined to comment on the speculation, and an Alcan spokeswoman could not be immediately reached for comment Friday.

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