MELBOURNE, July 1 (Reuters) - South32 S32.AX CEO Matthew Daley said on Wednesday he was open to mergers and acquisitions but any deal must add value to the company, after the diversified miner agreed to sell the bulk of its aluminium portfolio to Alcoa AA.N for up to $5.6 billion.

"We will definitely look at opportunities that we see are value accretive, that are strategically aligned and maintain our financial strength, but they're going to have to compete for capital with the organic pipeline," Daley said on an investor call.