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.