Correspondent, New York
Megan's Feed
Mar 30, 2012

Polyus may start up to 625 million pounds share sale in April – sources

MOSCOW (Reuters) – Russia’s largest gold firm Polyus Gold (PLGLq.L: Quote, Profile, Research) is likely to go ahead with a share sale worth between $700 million (437 million pounds) and $1 billion (625 million pounds) in late April, paving the way for a premium listing on the London Stock Exchange, two sources familiar with the matter said.

Polyus is worth about $10 billion and sits on potentially lucrative gold reserves in Russia’s far east, and oligarch stakeholder Mikhail Prokhorov has said he wants to merge the company with an international player.

Mar 30, 2012

Polyus aims to start share sale late April-sources

MOSCOW, March 30 (Reuters) – Russian gold miner Polyus Gold
is likely to go ahead with a share sale worth $700
million to $1 billion in late April, paving the way for a
premium listing on the London Stock Exchange, two sources
familiar with the matter said.

Polyus, in which tycoons Mikhail Prokhorov and Suleiman
Kerimov are key shareholders, had originally planned to
redomicile from its Jersey home to London and gain prestigious
FTSE 100 inclusion.

Mar 28, 2012

Sberbank’s record 2011 profit disappoints market

MOSCOW, March 28 (Reuters) – Russia’s biggest bank Sberbank
, which is preparing for a $6 billion stake sale by the
government, posted record annual profits on Wednesday, although
earnings fell short of market expectations.

The bank, which is Europe’s second largest by market value,
could proceed with the sale later this year, with a share price
of more than 100 roubles widely agreed to be the trigger.

Mar 20, 2012

Polyus will not take key step for FTSE bid

MOSCOW, March 20 (Reuters) – Russian gold miner Polyus Gold
, part controlled by tycoon Mikhail Prokhorov, said on
Tuesday it was withdrawing its application to create a new
parent company, considered necessary for it to gain inclusion
into the prestigious FTSE 100 index.

Without the FTSE inclusion and redomicile from its current
Jersey home, the company could still go ahead with plans for a
share sale worth several hundred million dollars, analysts and
two sources familiar with the matter said.

Mar 19, 2012

RUSAL takes 881.6 million pounds writedown on Norilsk stake

HONG KONG/MOSCOW (Reuters) – RUSAL (0486.HK: Quote, Profile, Research), the world’s top aluminium maker, took a $1.4 billion (881.6 million pounds) hit in its 2011 financials on Monday on the value of its stake in Norilsk Nickel (GMKN.MM: Quote, Profile, Research), whose fate is at the centre of a row between two Russian billionaire shareholders.

The writedown, and a qualified opinion by RUSAL’s auditor on the valuation of its stake in the Arctic miner, are likely to add to friction between RUSAL’s CEO and main owner Oleg Deripaska and disgruntled minority investors led by Viktor Vekselberg.

Mar 19, 2012

RUSAL takes $1.4 billion writedown on Norilsk stake

HONG KONG/MOSCOW (Reuters) – RUSAL (0486.HK: Quote, Profile, Research, Stock Buzz), the world’s top aluminum maker, took a $1.4 billion hit in its 2011 financials on Monday on the value of its stake in Norilsk Nickel (GMKN.MM: Quote, Profile, Research, Stock Buzz), whose fate is at the centre of a row between two Russian billionaire shareholders.

The writedown, and a qualified opinion by RUSAL’s auditor on the valuation of its stake in the Arctic miner, are likely to add to friction between RUSAL’s CEO and main owner Oleg Deripaska and disgruntled minority investors led by Viktor Vekselberg.

Mar 15, 2012

RUSAL to pick chairman under oligarch crossfire

MOSCOW, March 16 (Reuters) – RUSAL Plc, the
world’s largest aluminium company, is expected to pick a new
chairman on Friday to steady a ship still rocking from the
parting shot fired by Viktor Vekselberg, who said it was in
“deep crisis”.

Vekselberg quit as chairman on Tuesday, blaming management
for overburdening the Russian company with debt.

Mar 14, 2012

Russia’s Vekselberg may sue RUSAL in oligarch row

MOSCOW (Reuters) – Russian billionaire Viktor Vekselberg is considering suing RUSAL 0486.MM over accusations that he failed to fulfill his duties as its chairman, intensifying a battle with rival oligarch Oleg Deripaska at the world’s largest aluminum producer.

A lawsuit between two of Russia’s richest men would risk becoming a spectacle to rival a legal battle between two other oligarchs, Boris Berezovsky and Roman Abramovich, which gave an unflattering insight into the Russian business world. It could also be deeply embarrassing for RUSAL.

Mar 13, 2012

RUSAL chairman quits in Russian oligarch fight

MOSCOW (Reuters) – Russian billionaire Viktor Vekselberg quit on Tuesday as chairman of UC RUSAL (0486.HK: Quote, Profile, Research, Stock Buzz), the world’s largest aluminium producer, saying the heavily indebted company was in deep crisis after a long battle with rival oligarch Oleg Deripaska.

Vekselberg’s exit widens a rift with controlling shareholder Deripaska, who had sought to build a Russian metals and mining business on a global scale by merging RUSAL with Norilsk Nickel (GMKN.MM: Quote, Profile, Research, Stock Buzz), the world’s top nickel and palladium miner.

Mar 13, 2012

Aluminum giant RUSAL’s chairman quits, cites “deep crisis”

MOSCOW (Reuters) – Russian billionaire Viktor Vekselberg quit on Tuesday as chairman of the world’s largest aluminum producer, UC RUSAL (0486.HK: Quote, Profile, Research, Stock Buzz), saying the heavily indebted company was in deep crisis after a long battle with rival oligarch Oleg Deripaska.

Vekselberg’s exit widens a rift with controlling shareholder Deripaska, who had sought to build a Russian metals and mining business on a global scale by merging RUSAL with Norilsk Nickel (GMKN.MM: Quote, Profile, Research, Stock Buzz), the world’s top nickel and palladium miner.