Rusal on global push; sets buy of Norilsk stake [UPDATE]
Dec 21, 2007 | 10:56 AM
| Clementine Wallop
United Co. Rusal is pushing for growth in a big way, saying Friday it will move ahead with the purchase of a strategic stake in MMC Norilsk Nickel.
The purchase of a 25-percent-plus-one-share stake will pave the way for it to become one of the world's largest miners, with plans to pursue a full takeover of Russia's largest mining company once the initial purchase is completed.
Rusal gave no financial details of the transaction, but the stake is worth $13 billion based on Norilsk's closing share price Thursday.
Combined, the two Moscow-based companies would be valued at $100 billion, have $25 billion in annual sales, produce 12 percent of the world's aluminum and more nickel and palladium than any other company. It would be Russia's second-largest company after OAO Gazprom, and could challenge BHP Billiton, Anglo American Plc and Rio Tinto in the ranks of the world's largest diversified metals producers.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here