MOSCOW -- Russian aluminum giant Rusal has closed a deal to buy a 77.5-percent stake in Nigerian producer Alscon, strengthening its position in west Africa, the company said Tuesday.
"The transaction will add almost 150,000 tons annually to Rusal's aluminum production capacity," Rusal said in a statement, which did not disclose the price of the deal.
The purchase also gives Rusal control of a 193,000-ton smelter, a port on the Imo River, and a power station. Other shareholders in Alscon are German group Ferrostaal (7.5 percent) and the Nigerian government (15 percent).
Rusal, the world's third-biggest aluminum producer, already controls bauxite and alumina projects in Guinea and has said it plans to invest $150 million over three years to modernize Alscon.
US company BFI Group Divino Corporation, which was also interested in the purchase and has contested the conditions of the sale, said the price of the purchase was $250 million.
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