Rusal Postpones IPO Due To Weak Markets

Russian aluminum producer United Company Rusal is unlikely to hold its initial public offering in 2007, business daily Vedomosti reported, citing several unnamed sources close to Rusal and its bankers. Rusal's co-owner Victor Vekselberg had said in May that the company could hold an IPO in November, but the sources said the offering has now been postponed indefinitely because of the unfavorable condition of the stock market. Rusal planned to raise $5 billion in an offering of both new and existing shares and is being advised by Deutsche Bank AG, JP Morgan Chase and Morgan Stanley.