Alcoa shares gain on takeover report

/ Source: The Associated Press

Shares of Alcoa Inc. rose in Europe on Monday after the Times newspaper in London reported that BHP Billiton Ltd. is reviving plans to make a $40 billion offer for the aluminum company.

BHP, the world's largest mining company, had previously considered making an offer for Alcoa in February, but Chief Executive Chip Goodyear preferred to return cash to shareholders, the newspaper said.

Goodyear is due to step down from his position in October to be replaced by Marius Kloppers, and the report said a potential offer is once again being considered.

BHP Billiton spokesman Illtud Harri told The Associated Press there would be no comment on the report.