Base Element Chairman and Rusalum General Director Oleg Deripaska is shown at the signing the agreement to merge the assets of Rusalum, SUAL, and Glencore on October 9, 2006.
Photo: Pavel Smertin
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Minority Shareholders Reappraise SUAL in London
SUAL's minority shareholders are interfering in the company's deal with "Russian Aluminum" and Glencore: a second shareholder in the company is disputing the value of the company's shares. If the conflict leads to the collapse of the IPO of Rusal, Oleg Deripaska may buy a share in the company owned by Victor Vekselberg and his partners for a 15% discount.
According to Fininvest Consulting general director Andrey Eremin, who represents the interests of the owners of 0.7% of the shares in SUAL, the company's lawyers intend to go to court in a dispute over the value of the shares. Alu Process Holding Ltd., which owns 96.3% of SUAL's shares, had tried to purchase the remaining shares for $1.10 each. But according to Mr. Eremin, given the value of the deal with Rusal, in which SUAL is valued at $5.5-6.6 billion, the shares should be worth at least 6.5 times more. The suit will go to court in London in the next ten days; the defendant named in the suit is Deloitte & Touche, the firm that valued SUAL's shares. A second suit involving SUAL and Alu Process is currently being decided in the arbitration court of Russia's Sverlodvsk oblast.
Maria Cherkasova
All the Article in Russian as of Oct. 12, 2006
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