RCFA Mergers & Acquisitions Case

“There is a saying that a bird in the hand is better than two in the bush. But what if the bird in the bush sings and the song is a tale of better premiums? 

Gordon Investment Research presents a look into one of the biggest mining deals of all time, between Alcan and Rio Tinto. We try to analyze if Alcan, after the hostile bid made by Alcoa, should take the deal or pursue other strategies, because while Alcoa’s deal comes with certainty, Alcan may strike a higher note with a greater deal in the horizon.

This case was prepared for the Rotman Commerce Finance Association : Mergers & Acquisition case competition, where our team represented TD securities to advise Alcan's strategic committee.


“We the North. A pitch perfect call to unity for a diverse nation that has long been an outsider. But with 10 provinces, 3 territories and 2 policies, how do we unite Canada once again to emerge as a leader? Despite our differences, with deep rooted multiculturalism and diversity in our nation, we are inspired today by the resilience and oneness of the Canadian fabric in our recommendation with the idea that one size does not fit all.”
— Manar Hassan-Agha & Waseem Manan - UEC Competition 2017

Recognizing that one size does not fit all, while still uniting Canada in our objectives of reducing emissions allows us to build the next Canada with TREES, not carbon. That is when we can proudly say : We the North.