No Change Seen To Rusal IPO Plans

Plans by Russian aluminum producer United Company Rusal for an initial public offering by March 2010 haven't changed, despite reports it has been postponed indefinitely, the company said. "There is no change to the plans we have announced for an IPO to take place within three years of the merger deal closing," company spokeswoman Vera Kurochkina said. The company was formed in March 2007 from the merger of ZAO Rusal, Sual Group and the alumina assets of Switzerland's Glencore International AG.The deal valued the combined entity at around $3 billion. An earlier report in Russian business daily Vedomosti said the offering had been postponed indefinitely because of the unfavorable condition of the stock market. Rusal's coowner Victor Vekselberg had said in May that the company could hold an IPO in November. Rusal plans to raise $5 billion in an offering of both new and existing shares and is being advised by Deutsche Bank, JPMorgan Chase and Morgan Stanley.