Novelis Inc. shares rose almost 11 per cent to a record amid reports the rolled aluminum product maker will receive a takeover offer in the coming weeks.
The shares rose $4.67 or 10.7 per cent to $48.31 on the Toronto Stock Exchange, with almost a quarter of a million shares changing hands.
Novelis confirmed last month it was in talks with several parties to sell the company. The former division of Alcan Inc. has said it's "currently in discussions with various parties that could lead to a potential sale of the company."
On Tuesday, Bloomberg reported that Hindalco Industries, part of India's Aditya Birla Group, may make a takeover bid this week valued at $6-billion to $8-billion (U.S.), citing the Indian financial website, MoneyControl.com.
On Jan. 26, the Hindustan Times reported that the Aditya Vikram Birla group of India is "seriously considering the possibility of acquiring Novelis."
Alcan no longer has an equity interest in the company, whose shares are widely held.
Novelis operates in 11 countries, has approximately 12,500 employees, and reported revenue of $8.4-billion (U.S.) in 2005.
With files from reporter Andy Hoffman.