Aluminum giant United Company RusAl is targeting major Chinese investors to be cornerstones of its planned $2 billion IPO in Hong Kong and Paris, and will start a roadshow in December if it can secure their backing, a source familiar with the company's plans told Reuters.
"RusAl has been talking with possible cornerstones for its IPO for several months already. Three to four Chinese companies have shown their interest," the source said.
Another source familiar with the deal confirmed that RusAl — controlled by Russian oligarch Oleg Deripaska — will be ready to start meeting investors as early as Nov. 30.
However, the world's largest aluminum producer has still to reach a key deal with Western banks to restructure $7.3 billion of foreign debts — crucial for the producer's plans to sell shares this year — although the talks are continuing.
RusAl declined to comment.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.