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| Oleg Deripaska: committed to Rusal IPO this year |
United Company Rusal, the world’s largest aluminium producer, is hoping to capitalize on the conclusion of tortuous debt restructuring talks with a pioneering IPO on the Hong Kong Stock Exchange by the end of the year. For much of 2009 the company has been mired in discussions about the restructuring of about $7.5 billion of its $16 billion-plus debt burden with more than 70 creditors. Several deadlines for an agreement have come and gone already. Rusal is finally looking to wrap up the restructuring by the beginning of November, which could pave the way for the IPO on the HKSE in December. This would be the first ever by a Russian issuer on the Asian exchange.
Under the terms of a three-way merger between Rusal, Sual and part of Glencore, Rusal’s controlling shareholder, Oleg Deripaska, has committed himself to floating the company by the end of 2009. If he fails to do so he will be forced to buy out the other merger partners’ holdings. Rusal had originally looked to undertake an IPO in 2007 but shelved that plan after it initiated a bid to take over rival metals company Norilsk Nickel that ultimately foundered with the onset of the global credit crunch.