Oleg Deripaska, the Russian oligarch, is in a race against time to complete the $7.4 billion (£4.5 billion) refinancing of his aluminium empire before its initial public offering (IPO) in Hong Kong.
Oleg Deripaska, the Russian oligarch, is in a race against time to complete the $7.4 billion (£4.5 billion) refinancing of his aluminium empire before its initial public offering (IPO) in Hong Kong.
The Hong Kong Stock Exchange will meet tomorrow to decide whether it will give Rusal, the world’s largest aluminium producer, a listing. Before that can happen Mr Deripaska has to secure a $7.4 billion refinancing package from 74 international banks.
The terms of the refinancing deal have been agreed, but Rusal has only hours left to complete the documentation, which, given the number of institutions involved, will be a challenge. If the Hong Kong authorities give the IPO the go-ahead, Rusal is expected to list about 10 per cent of its stock, raising up to $3 billion.
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