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 TORONTO (AP) - Alcoa Inc., seeking to keep pace with growing Russian rival Rusal, launched a hostile $27 billion bid for Canadian aluminum rival Alcan Inc. on Monday, after failing in almost two years of private talks to reach a negotiated deal.
Alcan's U.S. shares rose 34.5 percent, well above the offered price, suggesting investors think the bidding could go higher. Alcoa shares gained 8.3 percent.
Montreal-based Alcan said its board "will consider the proposal" and advised shareholders to await its recommendation.
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