CAPITAL MARKETS

Alcoa to look elsewhere for growth after shunned by WMC

ALCOA Inc said today it would look elsewhere in the world for growth initiatives after WMC last week rejected an $11.3 billion takeover bid. The world's largest aluminium producer said it made the $10.20 a share offer after being approached by WMC chief executive Hugh Morgan and then finance director Don Morley to run its ruler over the company.