Basic Element CEO Oleg Deripaska (center), Renova and SUAL chief executive Viktor Vekselberg and head of Glencore Ivan Glasenberg sign a deal to merge assets of their companies.
Photo: Pavel Smertin
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Rusal, SUAL, Glencore Merger Completed
Rusal, SUAL and Glencore have closed a deal to merge their assets and set up the world’s biggest aluminum company, the RIA Novosti news agency reported Tuesday quoting the companies’ official statement. Viktor Vekselberg was appointed chief executive, and Alexander Bulygin was appointed director general.
Mr. Vekselberg earlier served as SUAL’s CEO while Mr. Bulyagin was director general at Rusal. Earlier reports said Brian Gilbertson, who was director general at SUAL, was to head the board at the new company. The top manager, however, handed in his resignation shortly before the merger.
Under the deal, Rusal will hold 66 percent in the new Russian Aluminum company, SUAL will own 22 percent with 12 percent in the hands of Switzerland-based Glencore. The firm which strives to become the market’s undisputed leader is to hold an IPO within the next three years.
The new company, which will occupy 100 percent of Russia’s aluminum market, will include four bauxite producing units, 10 alumina and 14 aluminum plants as well as three foil rolling factories. All assets of Russian Aluminum produce 4 million metric tons of aluminum and 11 million tons of alumina a year. The industry’s giant is expected to employ 100,000 people in 17 countries.
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