(Bloomberg) -- Canada's dollar strengthened to an 11- month high after Alcoa Inc., the biggest aluminum company by sales, announced a $33 billion cash and stock bid for Montreal- based Alcan Inc.
Traders bought the Canadian currency amid speculation that the acquisition of Alcan, the world's second-biggest aluminum company by 2006 revenue, may be completed in U.S. dollars. The deal is one in a series announced in Canada this quarter, adding to the appeal of the Canadian currency, which has strengthened nearly 5 percent since April 1.
Read more at Bloomberg Currencies News
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment