UC RUSAL Prefers China’s Hong Kong to London Listing

Oleg Deripaska prefers to list its United Company RusAl, largest aluminum prodcuer in the world, in Hong Kong rather than in the United Kingdom, said the Russia's richest man in an interview. "This will be a better solution.” He said China enjoys a better investing environment than London and a stable developing trend in the next 10 years. Kremlin-friendly Deripaska enjoys a close friendship with the country’s president Vladimir Putin, noting there is no connection between the flotation and political row between Britain and Russia. Deripaska’s spokesman Georgy Organov said it hasn’t been decided where to hold an initial public offering among options in Europe, Russia and China, noting it was a "misinterpretation" that Hong Kong is much more favorable over London. Though business is thriving between Russia and UK, Deripaska acknowledged that it has been much more difficult in investing in UK since the murder of Alexander Litvinenko, a former Russian agent. London has attracted many listings from Russian companies in recent years and celebrated the 100th Russian firm to float last week. Deripaska, chairman of Basic Element, was placed at the richest man by Forbes Russia this month, with a $28.6 billion fortune. Last week UC Rusal bought a 25% plus one share stake in Norilsk Nickel, which could lead a merger between Rusal and Norilsk, the world’s biggest nickel producer, and Metalloinvest owner Alisher Usmanov is also interested in the merger. COPYRIGHT All rights reserved. The copying, republication or redistribution of WAM News Content, including by framing or similar means, is expressly prohibited without the prior written consent of WAM.