Rio Tinto Offers $38 Billion For Alcan

The bidding war for Alcan Inc. (AL) went another round with Rio Tinto plc (RTP) making a bid of $38 billion, topping Alcoa Inc.'s (AA) $28 billion offer. Shares of Alcan leaped $8.85 to close at $98.45 while Rio Tinto stock plunged $6.71 to close at $317.71. Shares of Alcoa soared $2.86 to close at $45.29.