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The report recommends instead that solutionl' one of his relatives when she learned her appointmentShould not draw hasty conclusions estimated the UMPBut the attractiveness of metals is not deniedSports rights TF1 will also limit its responses to two free channelsThe risk That major conferences are more returning to ParisAnd today he thinks have unearthed a new nuggetA first series of tests is already organizedAnd suffer from having to fly over pointsWTO and examines the recent increase in UEagerly awaited, the prospectus of introduction to the stock exchange of Hong Kong from the world leader in aluminum finally was published on December 31. The issue is crucial for the Chinese place because it is for her to the rating of the largest ever foreign company. Mission accomplished if one considers the quality of expertise demonstrated in this folder. Vital for Rusal also, a group to the undeniable but confronted with a serious debt problem and assets too unbalanced shareholdership, to Oleg Deripaska, a Russian Tycoon with controversial although credited undeniable management capabilities.
The simultaneous introduction in Hong Kong and Paris represented the high point of a larger plan by rebalancing of the company. Originally scheduled for December, it will be finally held on January 27. The first objective is to reduce net debt of $ 16.9 billion to 14.9 billion. In addition to the mobilization of the bulk of the 2.6 billion raised in the stock market, the company will devote to this mission of cash flows that exceed the needs of operation, possible asset sales. This will be the suspension of the dividend and the application of a restrictive policy on capital expenditures.
After the agreement current December with foreign creditor banks and the oligarch Mikhail Prokhorov which allowed to restructure debt in $ (1) on advantageous terms, should consider to back the deadline at the end oc October 2010 a $ 4.5 billion loan granted hastily by the public bank Vnesheconombank (VEB) to avoid balance to Rusal. VEB credit is backed by the participation of 25 that Rusal has capital of Norilsk Nickel, the world's leading nickel and palladium. To this end, the leadership of the group attempts to obtain EBV to postpone to the end of October 2013 date of repayment. Otherwise, it will be addressing this credit by the private Russian Bank Sberbank.
Large investors appetite
Taking advantage of the strong rebound of aluminum and the general industrial rally courses, the operation raises several qualified investors appetite. Even more than the machine to cash of Rusal has recovered to operate in arousing all of fiscal year 2009, $ 434 million. Four major investors are already committed to accept the offer: VEB, who covets 3.15 of the capital. NR Investments Limited, the flagship vehicle of Nathaniel Rothschild (0.47); Paulson & Co., a New York-based asset management company whose founder was among the few managers to anticipate the crisis global financial (0.47); the wealthy Malays of origin Chinese Kuok Hock Nien. This plus the three holding companies of Hong Kong Kerry Trading Co. Limited, Cloud Nine Limited and Twin Turbo Limited (0.1 four investors together). Thus, about half of the initial offer reserved to qualified investors is already placed. So that the introduction is likely to result in a success. Enhancement of $ 26 billion corresponds to the estimates by analysts based on the fundamentals of the company and its market. Finally, Oleg Deripaska keeps the direction of the group but will lose the majority of its capital. What is not displeasing to several stakeholders. After the private placement, its involvement will be reduced from 53,35-47.59 of the total. He would nevertheless retain the majority of the Board of Directors. The number one world of trading, Glencore will be 8.65 against 9.7 today. Mikhail Prokhorov will descend from 19.2 to 17.1 and former major shareholders of Sual, Viktor Vekselberg, and Len Blavatnik from 17.8 to 15.9.
