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Business news
Rusal, SUAL, Glencore to complete merger in a week
03.14.2007 16:25

rusal_sual A merger of Russia's aluminum giants RusAl and SUAL, and the alumina assets of Swiss Glencore could be completed in a week, SUAL's co-owner told the press Wednesday.

"Hopefully, the deal will be accomplished in a week," Viktor Vekselberg said.

Rusal, SUAL and Glencore agreed to establish United Company Russian Aluminum with RusAl's CEO Alexander Bulygin as its director general last October. The three companies planned to merge by April 1.

The united company will have 12 people on its board, including six RusAl officials, two SUAL representatives, an official from Glencore and two independent directors.

The question of who will be board chairman remains open, as SUAL President Brian Gilbertson, who was supposed to hold the post, has decided to quit the company. According to unofficial reports, Vekselberg may be appointed chairman.

RusAl will hold 66% in the future company, SUAL 22% and Glencore 12%.

United Company Rusal Limited, which was registered on the island of Jersey in October 2006, will be the holding company.

News source: en.rian.ru
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