Ja: The alumina bidding wars

...[T]here is now an 11th hour move by Norway-based Norsk-Hydro and Swiss trader Glencore Interna-tional which have joined forces in order to gain control of Alpart before the May 26 deadline for change of ownership runs out.

This move would effectively bar Russian Aluminium (RusAL), one of the world's leading aluminium producers, from acquiring Kaiser's stake in Alpart. The company accounts for 75 per cent of Russia's primary aluminium output and 10 per cent of the global primary aluminium output.

Kaiser currently owns a 65 per cent share in Alpart, the alumina refinery and bauxite mining venture based at Nain, St. Elizabeth. Hydro Aluminium owns the rest of the Alpart shares.

Last week, Hydro had indicated that it intended to exercise its pre-emptive rights to acquire Alpart as it stepped up its stake in the acquisition fray. On hearing the news, RusAL reacted immediately by filing an emergency motion with the U.S. Bankruptcy Court in Delaware for an order to stay Kaiser from selling to Hydro until RusAL's pending appeal against Hydro's pre-emptive rights is heard.

However, the acquisition battle is turning into a dogfight as insiders have indicated that RusAl is also willing to up its initial US$295 million offer.