Alcoa Names Ratan Tata, Chairman of Tata Sons Inc., to Board
Alcoa Inc., a producer of alumina, aluminum’s principal ingredient, on Friday named Ratan N. Tata a director.
Tata, 69, is chairman of Tata Sons Ltd., an India-based construction and engineering company. The addition makes 11 members on the board. He became chairman in 1991.
Alcoa this week became the target of two $40 billion takeover bids, the Times of London reported on Tuesday.
BHP Billiton Ltd., the world’s largest mining company, and Rio Tinto PLC, the world’s second largest iron ore producer, both based in Melbourne, Australia, are said to be considering offers for Alcoa.
The stock gained 6 percent on Tuesday and edged down almost 1 percent on Wednesday. Shares of Alcoa, which are up nearly 16 percent since the start of the year, shed 1 cent to $34.71 in morning trading Friday on the New York Stock Exchange.
