Canadian aluminium manufacturer Alcan has rejected a $27bn hostile takeover bid from US based competitor Alcoa.
Alcan chairman, Yves Fortier said the deal “failed to meet the best interests of Alcan shareholders”, and had urged shareholders to turn down the offer as it undervalued the company's assets or growth prospects.
The two companies had initially been involved in merger talks, which started in 2005 but earlier this month year Alcoa initiated a hostile offer of $75 a share and talks were suspended.