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Metal manufacturer Alcoa, which is currently considering selling its packaging division, should abandon its bid for rival Alcan and concentrate instead on “pursuing strategic alternatives”, a shareholder has warned.

Jana Partners managing partner Barry Rosenstein has claimed that given Alcoa’s disappointing track record with acquisitions, selling the company could be more beneficial to shareholders.

In a letter to Alcoa chairman and chief executive Alain Belda, Rosenstein said yesterday (May 8): “A management team that has failed to generate shareholder value through acquisitions should not be rewarding itself by aggregating more such assets.”

Rosenstein also said the rise in Alcoa’s share price reflected speculation that Alcoa was a target, rather than its own acquisition plans.

On Monday (May 7), Alcan announced that it had received an unsolicited offer from Alcoa of £29.44 ($58.60) per share. Alcan recommended its shareholders to delay making a decision to give the company time to assess the offer.