The Australian is just out with a piece saying BHP Billiton (BHP) will not pursue a buy-out of Alcoa (AA).
Alcoa’s shares are down 4%. BHP is up almost 3%.
BHP shareholders seemed to hate the deal. Shares went from $68 before word that it was looking at Alcoa to as low as $65.
Alcoa’s shares are up 50% over the last year, so it is has become expensive by most measures.
Now, if they keep dropping, that won’t be a problem.
Douglas A. McIntyre
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