SUAL exit plan seen delaying Russian aluminium deal

MOSCOW, Oct 6 (Reuters) - SUAL minority shareholders want an escape clause from a merger with Russian rival RUSAL, delaying a deal to create a $30 billion aluminium giant that would supply 12 percent of world output, sources close to the deal said.

The valuation of assets included in the deal is also seen as a sticking point, but the sources said on Friday they still expected a deal -- also including the alumina assets of Swiss commodity trader Glencore -- to be signed in the next week.

"The longer it drags out, the more suspicion there is that there's a disagreement on the whole structure," Chris Weafer, chief strategist at Russia's Alfa Bank, said.

"But at the moment it appears to be more to do with the mechanisms and the valuation," he said. RUSAL and SUAL both declined to comment.

"I'm not sure about Monday, but it will definitely not happen today," a source close to the talks told Reuters.

A combined Russian aluminium company would be the world's largest producer of the metal used in cooking foil, cars and beer cans, overtaking Alcoa Inc. and Alcan Inc.

RUSAL, owned by Oleg Deripaska, Russia's sixth-richest man, would become the 64.5 percent owner of a merged company, sources close to the deal said when a memorandum was signed last month.

SUAL would own 21.5 percent and Glencore 14 percent. Local media reported this week the structure of the deal would remain the same as was outlined in the memorandum.

MOSCOW, Oct 6 (Reuters) - SUAL minority shareholders want an escape clause from a merger with Russian rival RUSAL, delaying a deal to create a $30 billion aluminium giant that would supply 12 percent of world output, sources close to the deal said.

The valuation of assets included in the deal is also seen as a sticking point, but the sources said on Friday they still expected a deal -- also including the alumina assets of Swiss commodity trader Glencore -- to be signed in the next week.

"The longer it drags out, the more suspicion there is that there's a disagreement on the whole structure," Chris Weafer, chief strategist at Russia's Alfa Bank, said.

"But at the moment it appears to be more to do with the mechanisms and the valuation," he said. RUSAL and SUAL both declined to comment.

"I'm not sure about Monday, but it will definitely not happen today," a source close to the talks told Reuters.

A combined Russian aluminiu