14 Sep 2009 10:20

RUSAL denies Independent

MOSCOW. Sept 14 (Interfax) - United Company RUSAL (UC RUSAL) plans to list its shares on the Hong Kong exchange by December, the Independent reported on Sunday, but a RUSAL spokesperson denied the report.

According to the Independent, the aluminum giant expects to place 10%-20% of company shares, which the IPO might value at $20 billion-$30 billion.

Goldman Sachs and Credit Suisse are the global coordinators for the IPO, while BNP Paribas and Chinese bank are expected to be named bookrunners, the newspaper said.

Marketing is expected to begin in Hong Kong in November, once RUSAL completes its debt restructuring, which is likely to occur within the next month, the Independent said.

RUSAL is also considering a secondary listing on the Euronext exchange in Paris, the newspaper said. The choice of exchanges would be a blow to the prestige of the London Stock Exchange, it added.

However, a RUSAL spokeswoman, Vera Kurochkina, denied that there had been a decision on the IPO. "The company has not determined the date of the IPO and has not appointed banks as financial consultants for the deal," she said.