Aluminum Smelter Company of Nigeria's (ALSCON's) operators, RUSAL has indicated its plan to enter into a world-class partnership deal with two other leading aluminum producers in order to emerge as the largest aluminum company in the world.
At present, RUSAL is the third largest aluminum producer in the world and intends to enter into partnership with SUAL Group and Glencore International AG which are also recorded as foremost aluminum producing companies in the top ten bracket of the total world aluminum producers.
A statement from the ALSCON disclosed these facts last week in an attempt by the company to disclose the capacity of the operators and their ability to sustain production of aluminum products in Nigeria.
The statement said that the new company would become the world’s largest aluminum producer, employing more than 110,000 people in 17 countries on five continents, adding that the annual volume of production had been estimated at four million tones of aluminium and 11 million tones of alumina and would account for about 12.5 per cent aluminium and 16 per cent alumina production of the world.
The Tide learnt that the combined company would own bauxite mining, alumina refinery, aluminum smelting and foil production facilities in the world, including Nigeria.
Under the new arrangement, according to the statement, RUSAL would own 66 per cent shares of the company, SUAL would own 22 per cent and Glencore would own 16 per cent respectively.
The statement further said that the parties were expected to consummate the deal by April 1,2007, adding that this would, however be subject to the approval of Russian Antitrust Regulators.
It disclosed further that factors that would play prominent role in the consummation of the deal were the activities of regulatory authorities in other countries and the consent of other shareholders through the exercise of their beneficial rights.
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