Alcoa shares surge on takeover speculation

July 12, 2007
Alcoa Inc. stock today shot above $45 per share, an increase of nearly 7 percent, on further speculation the company will be acquired, possibly by Australian mining giant BHP Billiton Ltd., according to Bloomberg.

The runup in shares of Pittsburgh-based Alcoa followed an announcement that Rio Tinto Group, a mining company based in London, had agreed to buy Alcan Inc. for $38.1 billion.

Alcoa had pursued Montreal-based Alcan.

Alcoa employs about 4,000 in Indiana. It has plants in Auburn, Crawfordsville, Lafayette, La Porte and Warrick, as well as at a plastic-bottle-cap plant in Indianapolis near 71st Street and Interstate 465 on the northwest side.
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