SAO PAULO (Bloomberg) — Cia. Vale do Rio Doce, the world's biggest iron-ore producer, said it hasn't ruled out a possible bid for Canadian aluminIum company Alcan Inc., which yesterday agreed to be acquired by Rio Tinto Group for $38.1 billion.No talks are being held with Alcan, Fabio Barbosa, chief financial officer of Rio de Janeiro-based Vale, said yesterday in a two-paragraph statement. Vale is always studying opportunities, which may include acquisitions, he said.

"Vale is saying what it always says: that it's always looking for opportunities," said Catarina Pedrosa, an analyst at Banif Investment Banking in Sao Paulo, who put a "neutral" rating on Vale under review. "It will be very hard for Vale to make an offer for Alcan after the agreement with Rio Tinto. I don't think they are well positioned to make an offer."

Barbosa said that although Vale and Alcan aren't in negotiations, that doesn't mean Vale "can't consider this possibility in the future".