Mumbai: Alcoa, which made a $28 billion unsuccessful bid for Canadian rival Alcan Inc. proposes to move antitrust authorities with a list of Alcan assets, including aerospace and automotive businesses, that it may sell if the deal goes through, reports quoting industry sources said.

A merger of the two aluminium giants, which would create the world''s largest aluminum producer, is bound to raise anti-trust concerns, particularly in the areas of aerospace and automobiles, where Alcan is a major operator.

Alcoa plans to present the list target companies for divestment to competition authorities in the EU, the US and Canada, source said.

The list includes a handful of Alcan plants, mainly in Europe, that make spares for aerospace companies such as Boeing and Airbus, and those that make brazing sheets used in automotive applications, the source added.

Brazing sheet is material made of two alloys that is used to create a bond in heat exchangers for automotive applications.
Industry sources estimate that Alcoa and Alcan together may control about 70 per cent of the aerospace market.

Alcoa also makes products for the packaging, building and construction, commercial transportation and industrial markets. It said last month that it plans to sell its packaging business, which includes Reynolds Wrap foils.

The Alco move is aimed at minimising the time needed to get the deal completed, the source said, and head off issues that Alcan might raise when it responds to the offer.

Alcan, which has until May 22 to respond to the offer, however, did not comment.

Alcoa''s offer of $58.60 per share plus 0.4108 share of Alcoa was worth $74.92 per share, 8 per cent below the $81.07 that Alcan traded at on the New York Stock Exchange.

Investors, however, feel Alcoa''s offer is below what investors believe Alcan is worth, largely because they expect a higher bid from Alcoa or a competing bid.