Monday, August 21, 2006
SUAL and Rusal agree on merger - report
Russian aluminium players SUAL and Rusal will merge, reported Kommersant, citing a partner of SUAL co-owner Viktor Vekselberg.
At the beginning of August, a protocol of intent to merge SUAL and Oleg Deripaska–owned Rusal was signed, the source said. The official announcement of the deal is planned for the mid-October. The mechanism of the merger is not yet decided, Kommersant continued, citing the source. It is planned that the main owner of the merged entity will be Deripaska, with the 75% stake. Vekselberg and partners will take 25%, the source noted. The owners want to retain the SUAL and Rusal brands.
SUAL recorded revenues of USD 2.7bn in 2005, according to Russian accounting standards MSFO, Kommersant noted.
SUAL’s assets belong to British Virgin Islands registered SUAL International, the controlling stake in which belongs to Vekselberg and Leonard Blavatnik. The minority stake in SUAL International belongs to Vladimir Kremer (director general of Komi Aluminium) and Yevgeny Olkhovik, SUAL-Holding vice-president, Kommersant noted. Kommersant wrote that aluminium enterprise Komi Aluminium is equally-owned by Rusal and SUAL.
Rusal recorded revenues of USD 6.6bn, in 2005. The company belongs to Jersey-registered Rusal Ltd, owned by Deripaska.
The source told Kommersant that Vekselberg’s assets are valued at USD 5.5bn at minimum. The joint company will be worth USD 22bn, it noted.
Source Kommersant
At the beginning of August, a protocol of intent to merge SUAL and Oleg Deripaska–owned Rusal was signed, the source said. The official announcement of the deal is planned for the mid-October. The mechanism of the merger is not yet decided, Kommersant continued, citing the source. It is planned that the main owner of the merged entity will be Deripaska, with the 75% stake. Vekselberg and partners will take 25%, the source noted. The owners want to retain the SUAL and Rusal brands.
SUAL recorded revenues of USD 2.7bn in 2005, according to Russian accounting standards MSFO, Kommersant noted.
SUAL’s assets belong to British Virgin Islands registered SUAL International, the controlling stake in which belongs to Vekselberg and Leonard Blavatnik. The minority stake in SUAL International belongs to Vladimir Kremer (director general of Komi Aluminium) and Yevgeny Olkhovik, SUAL-Holding vice-president, Kommersant noted. Kommersant wrote that aluminium enterprise Komi Aluminium is equally-owned by Rusal and SUAL.
Rusal recorded revenues of USD 6.6bn, in 2005. The company belongs to Jersey-registered Rusal Ltd, owned by Deripaska.
The source told Kommersant that Vekselberg’s assets are valued at USD 5.5bn at minimum. The joint company will be worth USD 22bn, it noted.
Source Kommersant
