RusAl creditors OK mega-merger plans

Russian producer RusAl said its creditors have given their approval to the proposed three-way tie-up with fellow Russian producer SUAL and the aluminium interests of Swiss trade house Glencore.

Creditor approval was needed because the merger will result in an increase in net indebtedness and in temporary "changes to RusAl's financial indicators", the company said.

RusAl will own 66% of the new aluminium giant with SUAL owning 22% and Glencore 12%.