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Some in the mining industry maintain that BHP is the only company with the means to buy Alcoa, probably in the $50 billion price range, given Rio Tinto’s offer for Alcan.
Mr. Meyer, however, said it might be possible that two other huge companies — Anglo American, the diverse South African-founded conglomerate now based in London, or Companhia Vale do Rio Doce of Brazil, which bought the Canadian nickel company Inco last year — may also have designs on Alcoa.
On Monday, the Brazilian company announced plans to build an alumina refinery in the northern part of the country with Hydro, a leading Norwegian producer of aluminum. It said in a statement that it had “strategic focus on bauxite and alumina.”
Representatives of Alcoa and BHP both declined to comment, although reports last week from Australia suggested that BHP was not interested in bidding for Alcoa.
But an executive with knowledge of Alcoa’s strategy, who spoke on condition of anonymity, said the company received a buyout offer, most likely from BHP.
The timing remains the unknown.