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Alcan denies Billiton bid
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March 21, 2001: 11:36 a.m. ET
World's No. 2 aluminum firm denies considering counter-bid for Billiton
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NEW YORK (CNNfn) - Alcan Inc., the world's second-largest aluminum producer, denied Wednesday reports that it is in negotiations to make a bid for Britain's Billiton Plc.
Montreal, Canada-based Alcan (AL: Research, Estimates) is unaware of the source of the rumors, the company said in a statement.
"In the normal course of business, Alcan assesses all developments of this nature in the best interest of all stakeholders," the company said.
 However, the company did not deny ever speaking to Billiton. A company spokesman said Alcan is in discussions with numerous firms at all times but specifically denied the rumored merger talks that were held last week.
Alcan held serious merger discussions with Billiton and last week was still in talks with the UK mining firm, the Financial Times said Tuesday. Billiton on Monday agreed to a $28 billion merger with Australian rival BHP.
Alcan is now closely watching the market's reaction to the deal to evaluate whether an alternative proposal to Billiton's shareholders would have any chance of success, the report quoted unnamed sources as saying.
Billiton executives were unavailable for comment early Wednesday morning.
Shares for Alcan dropped 49 cents to $35.91 in mid-day trading. 
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