Rio Tinto launches $38.1 billion bid for Alcan

Sydney, July 12: Mining giant Rio Tinto Ltd./Plc. said on Thursday it has agreed to pay .1 billion, or 1 per common share, for Canadian aluminium company Alcan Ltd. .

Rio said the transaction, which tops a .8 billion offer from Alcoa Inc. , had been unanimously recommended by Alcan's board.

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