Plans For A Sale Foiled, Rio Tinto Pulls Back Pacific Aluminium. Is Alcan Spin Off Ahead?

In July 2007, when Rio Tinto(RIO) announced it would be purchasing Alcan for $38.1 billion in the largest mining acquisition ever, new CEO Tom Albanese was ecstatic. His bold move, beating out a $27 billion hostile bid from former Alcan parent Alcoa(AA) proved disastrous. Earlier this year, Albanese was forced to resign after writing down over $25 billion…