Alcoa Inc.'s shares jumped more than 2 percent following a newspaper report that BHP Billiton Ltd./Plc has revived plans for a $40 billion takeover of the aluminum giant.

Alcoa's stock gained 88 cents, or 2.12 percent, to $42.48 in early trading on the New York Stock Exchange.

Analysts discounted the story from the Times of London newspaper.

This is the same rumor that's been around for six months, said Charles Bradford, an analyst at Bradford Research/Soleil. The current story makes very little sense.

Alcoa has offered $28.4 billion in a hostile bid for Canada's Alcan Inc.