Linklaters has bagged a high-profile lead role advising Rio Tinto on its approach for Canadian metal group Alcan, likely to be worth around $34bn (£16.8bn).

City-based corporate partner Richard Godden is leading the Linklaters team advising Rio Tinto. Also playing key roles for the elite City law firm are fellow corporate partner James Inglis, competition partner Gavin Robert and banking partner Stuart Thomas.

Freshfields Bruckhaus Deringer competition partners John Davies and Alan Ryan are advising Alcan in the negotiations on European Union competition law, with Sullivan & Cromwell reportedly bagging a role in the US.

The approach, which is expected to be formalised shortly, follows the $33bn (£16.5bn) hostile bid for Alcan made by rival mining giant Alcoa in May. New York giant Skadden Arps Slate Meagher & Flom is advising Alcoa on its bid.

The Rio Tinto approach comes after a period of consolidation in the mining sector over the last 18 months. Last year Freshfields and Sullivan gained lead roles in the £11bn bidding war for Canadian mining giant Falconbridge, when Freshfields acted for Xstrata and Sullivan advised rival bidder Inco.