Chinalco won't buy stake in RUSAL's HK IPO -report

HONG KONG, Oct 12 (Reuters) - Chinese state-owned metals conglomerate Chinalco does not intend to take a stake in UC RUSAL when the indebted Russian aluminium company lists shares in Hong Kong later this year, the South China Morning Post reported Monday. Chinalco had considered subscribing to the issue but decided not to proceed, the newspaper said, citing a report in Chinese magazine Caijing that quoted an unidentified Chinalco official. Last week, a Russian newspaper had reported that Chinalco may be interested in acquiring a stake in RUSAL, citing unnamed banking sources. [ID:nL895542]. UC RUSAL, more than $16 billion in debt, has restarted plans for a stock listing in Hong Kong through which it hopes to raise between $1.5 billion and $2.5 billion by the end of this year, sources have told Reuters on condition of anonymity. The company must first settle its debt restructuring plan with more than 70 international and Russian banks, the sources said. UC RUSAL has said it plans to complete this long-delayed process by the end of October. [ID:nHKG255026] [ID:nLI262829]. Chinalco is the parent of Aluminum Corp of China Ltd, also known as Chalco <2600.HK> <601600.SS>.