10/01/2007 - A proposed merger between packaging and metals manufacturer Rusal, and two of its major rivals has been given the go ahead by its creditors clearing the way for the group to become the world’s largest aluminium company.
By combining its operations with leading refiner Sual, and commodities supplier Glencore, the company hopes to become a fully sufficient aluminium company. This would allow it to oversee all levels of production from raw material, through to formulation of its products – which include foil and beverage cans.
The deal also extends Rusal's operations to over 70 countries, increasing its presence within the aluminium packaging industry.
The group announced earlier this week that it had been granted permission to modify it shareholder structure sufficiently to allow it to combine its operations with those Sual and Glencore.
The conglomerate, which will be re-branded as United Company Rusal would give Sual and Glencore's shareholders a 22 per cent and 12 per cent in the company respectively.
Rusal would be the majority shareholder owning 66 per cent controlling interest.
Speaking to CEE-Foodindustry.com when the deal was first proposed last November, Rusal's Vera Kurochkina explained that the merger of the three companies was an "ideal fit".
"Rusal brings great strength in primary aluminium production and advanced technology, Sual – the country's largest alumina refining capacities, while Glencore provides an international spread of bauxite and alumina assets. In one move, we have overcome the historic weakness of the Russian aluminium industry - lack of raw materials, such as bauxite and alumina," she said.
With the deal now supported by its financial backers, she added that the company would be a dominant force in the packaging and wider aluminium industry.
"The combining of Rusal and Sual creates a Russian national aluminium champion; the addition of Glencore's alumina assets transforms the new company into a truly global player," said Kurochkina.
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