Chinalco could participate in RUSAL's HK IPO-paper

Chinese metals conglomerate Chinalco may be interested in acquiring a stake in UC RUSAL when the indebted Russian aluminium giant lists shares in Hong Kong, a Russian newspaper reported on Thursday.

Vedomosti business daily cited two unidentified banking sources as saying Chinalco was a potential partner for UC RUSAL as the world's largest aluminium producer and its majority owner, industrial magnate Oleg Deripaska, seek to pay off debts.

BuzzThe newspaper cited a third source, close to UC RUSAL, as saying Chinalco was a possible investor. The Russian company itself was not immediately available for comment when contacted by Reuters.

Russian Prime Minister Vladimir Putin is due to visit China next week and is expected to sign a series of deals to boost business links between the two countries.

UC RUSAL, more than $16 billion in debt, has re-started plans for a stock listing in Hong Kong through which it hopes to raise between $1.5 billion and $2.5 billion by the end of this year, sources have told Reuters on condition of anonymity.

The company must first settle its debt restructuring plan with more than 70 international and Russian banks, the sources said. UC RUSAL has said it plans to complete this long-delayed process by the end of October.

Chinalco is the state-owned parent of Aluminum Corp of China Ltd ( ACH - news - people ), also known as Chalco.

A source in Russia told Reuters on Monday that Chalco would be the benchmark from which UC RUSAL would derive its valuation when it lists in Hong Kong.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.