Alisher Usmanov invites fellow Russian metals barons to pool assets

MOSCOW (Thomson Financial) - Metalloinvest owner Alisher Usmanov said he has invited fellow Russian metals barons Oleg Deripaska and Viktor Vekselberg to pool their production assets in order to form a metals and mining holding company, Interfax reported.

'We've declared that we want to try and form a major mining and metals holding, we've invited [Oleg Deripaska's] BasEl and Vekselberg, he's agreed,' Usmanov told reporters.

Deripaska owns a controlling stake in United Company Rusal (UC Rusal), the world's largest aluminium producer, via his Basic Element (Basel) holding company.

Viktor Vekselberg's Renova Group also holds a stake in UC Rusal.

Usmanov's Metalloinvest iron and steel group last month said it plans to acquire up to 10 percent of JSC MMC Norilsk Nickel, the world's largest nickel and palladium producer.

UC Rusal also holds 25 percent plus one share of Norilsk Nickel.

Usmanov also wants to carry out an initial public offering (IPO) of his company, and he on Tuesday reiterated these plans.

'We'll be holding one, we're planning one at any rate,' he said.

A Renova spokesman also told Interfax that Vekselberg has agreed to hold talks with Usmanov on the possible creation of a metals conglomerate.

Source：Thomson Financial News