Rio in bid to create mining giant

The creation of a new aluminium giant was on the cards today after Rio Tinto unveiled an agreed $38.1bn (€27.6bn) offer for Canadian rival Alcan.

London and Australia-listed Rio’s recommended all-cash bid trumps a hostile offer for Alcan from US miner Alcoa.

The proposed deal creates the world’s leading aluminium group, to capitalise on growing demand for the metal from China and India.