September 21, 2009 / 7:51 AM / 9 years ago

RUSAL was in talks to sell 10 pct to Libya-report

MOSCOW, Sept 21 (Reuters) - United Company RUSAL, the world’s largest aluminium producer, had been in talks with Libyan Investment Authority over the possibility of selling it a 10 percent stake, Britain’s The Times daily reported on Monday.

RUSAL, controlled by Russian magnate Oleg Deripaska, said on Friday it had secured another extension on restructuring billions of dollars of debts to foreign and domestic banks. [ID:nLI262829]

The Times said there had been “active” discussions over a possible stake sell to LIA.

“However, RUSAL became frustrated at the lack of progress and the slow speed at which officials in Tripoli operated and has walked away,” the paper said, without revealng its sources. It added that the LIA was unavailable for comment.

“In the framework of restructuring its debts, RUSAL has been in contact with various financial organisations and investments funds, and is considering various options in terms of attracting capital, including a possible IPO,” RUSAL spokeswoman Vera Kurochkina told Reuters.

“We do not comment on the details of our negotiations,” she added, when asked specifically about any talks with LIA.

RUSAL is in talks to restructure around $7.4 billion of debts to foreign banks. It also owes some $4.5 billion to Russia’s state-run VEB bank and $2.1 billion to other local banks.

Deripaska said in February that RUSAL — which has been hit by falling global demand for metals — has potential investors which are interested in acquiring a stake, but that talks had been postponed until debt restructuring is complete. At the time, he hoped that a restructuring deal would be signed in March. [ID:nLM65296] (Reporting by Aleksandras Budrys; Writing by Toni Vorobyova; Editing by Hans Peters)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below