Russia's Onexim sells 3.32% of UC Rusal for $240mn

By bne IntelliNews February 13, 2017

Russia's Onexim Group, owned by tycoon Mikhail Prokhorov, sold 3.32% of its 17.02% stake in aluminium producer UC Rusal for $240mn, Vedomosti reported on February 14, citing a source with deal organiser Renaissance Capital.

There was no immediate confirmation from either company about the sale of the stake at a reported 9% discount, or from the other deal organiser VTB Capital, the paper said.

Onexim had intended to sell a 5% stake in Rusal but it was decided to lower the amount after minority shareholders objected, a source close to the shareholders told Vedomosti. It was not clear who purchased the shares, although two large investors came forward shortly before the book closed, the newspaper's source said.

Demand was expected to be high due to the rapid growth in Rusal share prices after aluminium prices increased 24% since early 2016. On February 10, the value of the originally planned 5% stake in Rusal on the Hong Kong Stock Exchange was $310.8mn (€292mn).

Meanwhile, the deal could have an impact on plans by Sual Partners, which controls a 15.8% stake in Rusal, to by a 12% stake in Onexim, which has been under discussion since the summer of 2016.

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