Aluminium alliance
1 February 2007The Eurocommission has approved the purchase of OAO “Sual” and aluminous actives Glencore by the group EN +, which is representing interests of the shareholder of OAO “Russian Aluminium “.
Thus, the Eurocommission has approved the transaction on merge “Rusal“, “Sual” and Glencore.
In opinion of the “Rusal” general director Alexander Bulygin, the approval by Eurocommission of creation of the incorporated company is one of key stages on a way to the transaction, which completely answers to the logic of development of the world aluminium industry and creates a good platform for successful dynamical development of the established corporation.
As it was informed earlier, the transaction on merge of “Rusal“, “Sual” and aluminous actives of the Glencore can be finished with an advancing of the schedule - in February, 2007.
In October, 2006, the commission on regulation of the financial markets of the Jersey Island has registered Rusal Limited on Jersey United Company. It is already known, that Rusal Global Management BVWill operates actives of this company. Transactions on actives translation, including “Sual“, on Rusal Global Management, registered in the Netherlands, will be approved by the shareholders in February at emergency assemblies.
Thus at present the main thing for the companies is the reception of approval from antimonopoly bodies. In the beginning of November, 2006 “Rusal“, “Sual” and Glencore submitted petitions to Federal antimonopoly service of the Russian Federation for the reception of the sanction to purchase the “Rusal” and “Sual”’s actives by the incorporated company.
Last week the Federal antimonopoly service has declared that it will make the final decision under the transaction after consultation with a management of the Russian Federation, and also taking exhaustive measures on protection of the Russian consumers of aluminium which can contain in the instruction of antimonopoly body.
Besides the companies should meet with approval of Antimonopoly committee of Ukraine, which documents have been submitted simultaneously with the submission of documents to Eurocommission.
In Europe “Rusal” owns 56, 2 % of Italian aluminous factory EurAllumina, the other 43,8 % belong to the Swiss trader Glencore. In Ukraine “Rusal” possesses the aluminous factory in Nikolaev and “Sual” possesses the aluminium factory in Zaporozhye.
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