Aluminum Shares Rise On Merger News

The sale of Alcan spinoff Novelis Inc. (NVL) to India's Hindalco Industries earlier this year and Monday's US$33-billion bid for Alcan Inc. (AL) courtesy of Alcoa Inc. (AA), demonstrate the dwindling number of aluminum company's up for grabs.

Century Aluminum Co. (CENX) shares were up nearly 7% in pre-market trading at around 8:25 a.m. ET, while Aluminum Corp of China (ACH) was up nearly 5%.

The stocks got a boost from news the world's largest aluminum company, Alcoa, is bidding US$73.25 per share to takeout #2 Alcan.

Alcoa shares were down 2.64% and Alcan was up more than 25%.