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14.03.2012

PRIME: Russia’s RUSAL shares resume trade with fall as chairman quits

Shares of the world’s top aluminum producer, Russia’s RUSAL, resumed trading on the Hong Kong stock exchange on Wednesday with a drop of almost 6% at open after its chairman quit, but managed to claw back some losses later.

By 08:38 Moscow time, RUSAL, whose billionaire chairman Viktor Vekselberg quit on Tuesday saying company management was pushing the debt-laden firm into a crisis, was trading 2.124% lower at HK$6. The shares were also trading below their initial public offer price of HK$10.80.

On Tuesday, the shares were suspended in Hong Kong and Paris following a request from the company.

RUSAL’s management is headed by billionaire Oleg Deripaska, who owns 47.4% of the company.

Vekselberg, who has been chairing RUSAL since the company’s inception in 2007, together with U.S. citizen of Soviet origin Len Blavatnik owns SUAL Partners, which controls 15.8% percent of the aluminum giant.

Vekselberg’s stepping down raised the issue of whether he and Mikhail Prokhorov, another billionaire shareholder, could sell their stakes. The most probable buyer of 32.8% in RUSAL is Deripaska, although analysts have said he cannot afford it.

However, Deripaska said on Tuesday he was ready to discuss the purchase.

There is also a possibility that the shares will be sold to the market.

«I do not rule out this development. But RUSAL shares became almost 50% cheaper since the start of the year, that is why it would not be good to sell the shares to such a market,» said Metropol financial company analyst Sergei Filchenkov.

Both Vekselberg and Prokhorov denied plans to sell their shares.

http://www.1prime.biz/news/0/%7B4E8827D6-C057-4640-8A58-B222A47B26D2%7D.uif

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