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Alcoa shares rise on acquisition rumor, sources deny

Post Time:May 04,2011Classify:Industry NewsView:106

Shares of Alcoa Inc., parent company of Kawneer North America, Norcross, Ga.,rose 3 percent on Tuesday, May 3, on market talk that Rio Tinto was lining up a bid to buy the U.S. aluminum company, but sources said two banks rumored to be financing the deal were not involved, according to a May 4 Reuters report.

A senior banker at Santander denied the Spanish bank had secured a loan to finance a potential acquisition, which would combine the global No. 2 and 3 aluminum producers.

Read the full Reuters article...

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