After putting up strong resistance to a generous $28 billion offer from Alcoa (NYSE: AA), Alcan (NYSE: AL) found a more palatable suitor in Rio Tinto (NYSE: RTP). Rio Tinto's $38 billion bid represents a premium of 35% to the Alcoa bid and a 66% premium to the price of Alcan shares before the Alcoa offer. Rio's premium bid is unlikely to be topped. If the deal goes through, the new company would be named Rio Tinto Alcan. Rio would become the world's largest mining company, controlling 11% of the world's aluminum supply and 14% of global bauxite reserves.