is there value here?

I have been doing some research on AWC and there are several statements such as:

"Apart from anything else, Alumina's share of AWAC's production has a replacement value of about $10 billion."

Surely the above would make it enticing for Alcoa to take out AWC at $2.00-ish. It would definitely be earnings accretive to Alcoa, particularly with low US interest rates. Am unsure whether Alcoa could get the funding but in a long-term strategic sense, now is the time to strike when you can buy cheaply rather than paying a couple of $b more down the track.

If the power-brokers at Alcoa are not considering this, they are not very astute IMO.