Rio Tinto agrees to buy Alcan for $38.1bn in cash
Rio Tinto offered US$101 per share, topping Alcoa’s hostile bid of about US$76. It was then the largest acquisition in mining history.
Why it matters. Bought near the top of the cycle, Alcan later drove billions in impairments: the classic winner’s curse of a bidding war.
- Source
- Rio Tinto and Alcan release (SEC)
- In the course
- Module 9: The M&A process