Novelis May Bid For Rio Tinto Alcan Unit - Report

21st Jun 2010 05:19

MUMBAI (Dow Jones)--Novelis Inc.--the Canadian unit of India's Hindalco Industries Ltd. (500440.BY)--may bid for the rolled products division of Rio Tinto Alcan, the Economic Times newspaper reported Monday, citing people familiar with the development. The rolled products division of Rio Tinto Alcan--the aluminum unit of Anglo-Australian miner Rio Tinto PLC (RIO.LN)--is valued at about $3 billion, the newspaper said. It didn't mention what stake Hindalco will bid for, but said it is looking at options such as owning less than 100% of the rolled products division. Newspaper website: http://www.economictimes.com -By Mumbai Bureau, Dow Jones Newswires; 91 22 6145 6100; [email protected] (END) Dow Jones Newswires June 21, 2010 00:19 ET (04:19 GMT)