MOSCOW, October 11 (RIA Novosti) - Russia's antitrust service said Wednesday it will consider a bid by aluminum giant RusAl for a merger with SUAL [RTS: SUAL] and Swiss-based Glencore within the period stipulated by law.
Two Russian aluminum giants, RusAl, SUAL and Glencore, the world's largest supplier of commodities and raw materials to industrial consumers, signed an agreement Monday on the consolidation of their assets to form the United Company Russian Aluminum.
"We hope to study all the documents within the period set down by law, which is about 60 days on average," said Igor Artemyev, head of the Federal Anti-Monopoly Service.
Artemyev said the service has yet to receive an application on the asset consolidation, which it expects no sooner than the beginning of next year.
The merger deal, which aims to produce over 11 million tons of primary aluminum a year and control 12% of the world's primary aluminum market, will be finalized by April 1, 2007. RusAl will have a 66% stake in the corporation, while SUAL will hold 22% and Glencore 12%.
The official said internal aluminum prices will be one of the main points for the service to analyze.
The United Company Russian Aluminum is expected to have an estimated value of $25-30 billion, and SUAL co-owner Viktor Vekselberg said Monday the company will conduct its initial public offering in London in 18 months.
The Russian state has not sought to acquire a stake in the new company, RusAl owner Oleg Derispaska said Monday.
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