Alcoa (AA) Not Looking to Increase Rio Tinto (TRP) Stake -Reuters
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According to a Reuters report, Alcoa (NYSE: AA) has denied rumors that it is actively seeking to increase its stake in Rio Tinto (NYSE: RTP) following the termination of merger talks with rival BHP Billiton (NYSE: BHP).
Given economic conditions and credit-rating concerns, the article points out that while Alcoa may have enough capital to undergo such a purchase, risk likely outweighs reward.
Shares of Alcoa are currently trading down more than a percent in pre-market trading. The stock is down 1.43% to $10.33.
Alcoa, Inc. engages in the production and management of primary aluminum, fabricated aluminum, and alumina worldwide.
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