Standart News

Enquiry THURSDAY, 13 March 2008

Web of mystery surrounds Rusal listing
By Catherine BeltonWhen Oleg Deripaska's UC Rusal floated plans for a $9bn-plus listing last year, the share issue from the outset was a test case for whether a company forged out of an industry once wracked with crime could win a London listing. The flotation had already been delayed last September when its shareholders - including MrDeripaska, who owns 66 per cent of UC Rusal via his vast Basic Element industrialconglomerate - cited poor market conditions for the postponement.Now, as Rusal moves to expand via a merger with Norilsk Nickel, the suggestion by a senior executive at Basic Element that the company could seek a listing in Hong Kong over London because of tightening regulatory requirements suggests deeper-seated problems are to blame.The float of what is one of the ...Read

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