European shares open higher, miners, banks in focus

(Reuters) - European shares opened higher on Friday with mining stocks in focus after a 38-billion deal in the sector and boosted by banking shares while investors awaited key U.S. data.

Alcoa withdrew its offer for Canada's Alcan on Thursday , clearing the way for Anglo-Australian miner Rio Tinto to agree an $38.1 billion deal, which fuelled further takeover speculation in the sector.


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U.S. Stocks Rally, Sending S&P 500 and Dow Average to Records; Alcoa Gains

(Bloomberg) -- U.S. stocks rallied, sending the
Standard & Poor's 500 Index and Dow Jones Industrial Average to
records, after retailers reported better-than-expected sales and
investors speculated Alcoa Inc. may be bought.

Wal-Mart Stores Inc., the world's largest retailer, posted
its biggest gain in a month after same-store sales tripled
analysts' predictions. Aluminum producer Alcoa led the Dow's
advance as Rio Tinto Group's plan to buy Alcan Inc. spurred
expectations of more takeovers in the metals industry.


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Rio shares on trading halt amid Alcan bid reports

(Reuters) - Rio was near a deal to buy Alcan for about $100 per share, or $37 billion, topping Alcoa Inc.'s $28.8 billion offer already on the table, the Wall Street Journal Online reported earlier.




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Alcoa 2nd quarter profit slips; extends Alcan offer

(Reuters) - Alcoa also extended its $28.6 billion offer to acquire Canadian rival Alcan Inc , which was to expire on Tuesday, by a month.




Last week, Alcan said the offer remains inadequate and said it is pursuing alternatives, such as talks with other groups. It declined to comment on reports that Rio Tinto Ltd , the world's second-largest miner, has asked investment banks to advise it on options, including a possible counter bid for Alcan.


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Japan's Commodity Stocks May Fall; Kawasaki Heavy, Advantest May Advance

(Bloomberg) -- Japanese commodity-related shares may
decline after the price of crude oil fell in New York and Alcoa
Inc., the world's second-biggest aluminum producer, reported a
drop in its second-quarter profit.

Limiting declines, chip-related shares such as Advantest
Corp. may gain after brokerages in the U.S. said Intel Corp. may
report second-quarter sales at the high-end of the company's own
forecast.


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UPDATE 2-Alcoa 2nd quarter profit slips; extends Alcan offer

(Reuters) - NEW YORK, July 9 - Alcoa Inc reported
second-quarter earnings on Monday that matched Wall Street
expectations, but the aluminum producer's revenue fell short of
forecasts.




Alcoa also extended its $28.6 billion offer to acquire
Canadian rival Alcan Inc by a month. The offer,
which has been rejected by Alcan, was due to expire on
Tuesday.


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U.S. Stocks Gain, Paced by Alcoa, Boeing; S&P 500 Index Rises for 5th Day

(Bloomberg) -- U.S. stocks rose and the Standard &
Poor's 500 Index gained for a fifth straight day on speculation
second-quarter earnings will beat analysts' estimates.

Alcoa Inc., the first Dow Jones Industrial Average company
scheduled to report results, paced the 30-stock gauge's
advance. The world's second-biggest aluminum maker will
announce its earnings after the close of trading today. Boeing
Co., the world's second-largest commercial airplane maker,
climbed on reports it received orders for its 787 Dreamliner.


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U.S. Stock-Index Futures Gain; Alcoa, Boeing, Alnylam Advance in Europe

(Bloomberg) -- U.S. stock-index futures rose on
speculation companies' earnings will beat analyst estimates.

Alcoa Inc., the world's second-largest aluminum company,
gained in Europe before reporting second-quarter income. Boeing
Co. climbed after unveiling its 787 Dreamliner. Alnylam
Pharmaceuticals Inc. soared as Roche Holding AG, the world's
biggest maker of cancer medicines, agreed to buy the rights to
the company's therapeutic technology for up to $1 billion.


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Rio hires banks for Alcoa/Alcan options: paper

(Reuters) - Rio declined to comment.




Alcan is the world's third-largest maker of primary
aluminium, behind Alcoa and Russia's Rusal. An Alcoa-Alcan
link-up, or an Alcan-Rio combination would top Rusal.


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Alcan rebuffs Alcoa request for talks on bid

(Reuters) - In an exchange of letters included in a filing by Alcoa with the U.S. Securities and Exchange Commission, Belda had offered to meet Evans in Montreal to discuss Alcoa's offer, which Alcan has rejected.




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Wall St. set for higher open on M&A

(Reuters) - Shares of Alcoa rose 3 percent in Europe after the Times newspaper in London reported BHP Billiton Ltd./Plc , the world's biggest mining group, has revived plans for a $40 billion takeover of the aluminum producer.




In other deal news, General Electric Co. and Pearson Plc may challenge News Corp.'s $5 billion bid for Dow Jones & Co. with a plan that could let Dow Jones's controlling Bancroft family keep an interest in the company, the Financial Times and The Wall Street Journal reported on their Web sites.


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U.S. Stock-Index Futures Are Little Changed; Caterpillar Drops in Europe

(Bloomberg) -- U.S. stock-index futures were little
changed before economic reports this week that may provide clues
about the Federal Reserve's next move on interest rates.

Caterpillar Inc., the world's biggest maker of earthmoving
equipment, and Alcoa Inc., the second-largest aluminum producer,
declined in Europe. Shares of Boeing Co. climbed after the
second-biggest maker of commercial aircraft won an order valued
at about $3 billion from OAO Aeroflot.


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Orkla, Alcoa seal Sapa aluminium parts venture

(Reuters) - "We are creating a global market leader in soft alloy
aluminium profiles that has potential for further growth," Sapa
Chief Executive Ole Enger said in the statement.




The ownership of the venture has provisionally be set at 54
percent for Orkla and 46 percent for Alcoa, Orkla said.


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Rio Tinto eyeing bid for Alcan: report

(Reuters) - Rio Tinto is the latest mining house reportedly sizing Alcan up for takeover after Alcan rejected a $28.4 billion bid by Alcoa. An Alcan-Rio link up would create the world's largest aluminum company.




Rio was unlikely to retain Alcan's downstream aluminum rolling and packaging arms, which it could sell for more than $8 billion and take some of the sting out of having to fork out possibly over $30 billion for Alcan, analysts said.


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Alcoa plans Alcan aerospace and auto sales

(Reuters) - Alcoa, which has made a $28 billion hostile bid for Canadian rival Alcan Inc., plans to go to antitrust authorities soon with a list of Alcan aerospace and automotive assets to sell if the deal goes forward, a source familiar with the situation said on Friday.

Antitrust questions would be raised particularly in those two areas by the merger, which would create the world's largest aluminum producer. The company plans to present the list to competition authorities in the European Union, United States and Canada, the source said.


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