Rio Tinto agrees to buy Alcan

More consolidation in the mills, this time aluminum.

Anglo-Australian miner Rio Tinto Ltd/Plc has agreed to buy Canada’s Alcan Inc. for $38.1 billion to create the world’s biggest aluminum producer, the two firms said on Thursday.

Rio, the world’s second-biggest miner, said it would pay $101 a share in cash, 13 percent above Alcan’s closing price in New York on Wednesday and 33 percent above a rival $28.8 billion cash-and-shares bid for Alcan from U.S. group Alcoa Inc.

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