Chinalco Not to Set Foot in RUSAL's IPO

Chinalco had been interested in acquiring a stake in UC RUSAL, but will not consider it right now, a source close to the company said today.

Otc. 9, Russia's News Network cited the report of Russian Press as saying RUSAL plans to place 10 percent of shares in Hong Kong by the end of this year, which is worth about 3 billion US dollars.

According to the report, two banking source said that Chinalco was a potential partner for UC RUSAL, another source even released that the two companies had start the negotiations towards the public offering. The director of the Russia-China economic and trade cooperation center Sergei Sanakoev received news saying the two companies may sign the agreement during the visit of President Putin in China, which is scheduled on Oct 10-12.

At the same time, two people in charge of the oversea department of Chinalco denied the report by saying "As far as I know there are no such things" and "This matter is not clear for me.¡± Another source indicated:¡± We had been thinking of this acquisition£¬but we'll not consider it right now."

RUSAL is the global leader in the aluminium industry and accounts for approximately 12% and 15% of the global production of aluminium and alumina respectively. RUSAL sells its products in 70 countries worldwide and employs 90,000 people in 19 countries across 5 continents.

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