ArvinMeritor stole the headlines in early July with its hostile takeover bid for Dana Corp., but a day before that announcement, Canada-based Alcan Inc., the world’s second-biggest publicly traded aluminum producer, launched a hostile takeover attempt of Pechiney SA, a major European aluminum producer headquartered in France. Alcan is offering €3.4 billion ($3.85 billion) in cash and stock for Pichiney, which analysts say may be too low. If the takeover is successful, Alcan ...

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