NEW YORK - U.S. stocks appeared headed for a moderately higher open Monday as investors examined a hostile $33 billion bid by Alcoa Inc. for Canadian aluminum rival Alcan Inc.
Early Monday, Alcoa offered $58.60 in cash and 0.4108 of a share for each share of Alcan. Based on the closing prices Friday, Alcoa's offer carries a 20 percent premium. Alcoa said it took its offer to shareholders after Alcan rejected the company's overtures for two years.
The move by Alcoa, one of the 30 stocks that makes up the Dow Jones industrials, could give stocks a lift Monday as investors often regard merger and acquisition activity as a bullish bet by companies on corporate profits.
…
No comments:
Post a Comment