Deripaska to lose RUSAL control after IPO -FinMin

MOSCOW, Nov 25 (Reuters) - Industrial magnate Oleg Deripaska will lose majority control of RUSAL when the indebted aluminium firm floats shares, as some of them will be bought by a state bank, Russian Finance Minister Alexei Kudrin said on Wednesday. RUSAL, the world's largest aluminium producer, plans an initial public offering (IPO) of its shares on the Hong Kong and Paris exchanges this year or early next, after concluding ongoing debt restructuring talks with creditors. State bank VEB is prepared to buy up to 3 percent of RUSAL at a price valuing the company at between $16.3 billion and $20.9 billion, a government source told Reuters on Nov. 19. "As a result of the IPO, Deripaska will hold less than 50 percent. After VEB buys a stake, the government and Deripaska will control the company," Kudrin told reporters. VEB is among RUSAL's largest creditors, having assumed the $4.5 billion loan that the aluminium company used to help buy a one-quarter stake in Russian miner Norilsk Nickel. RUSAL's debts total around $16.8 billion. The company owes $7.4 billion to a group of international banks and has extended a standstill agreement with them several times as it works out a restructuring deal. It also owes $2.8 billion to Onexim Group, the investment vehicle of billionaire Mikhail Prokhorov, and is in debt to several other Russian banks. For a Factbox on RUSAL, click on (Reporting by Toni Vorobyova, writing by Robin Paxton, editing by Will Waterman) Keywords: RUSAL DERIPASKA/ (alfred.kueppers@thomsonreuters.com; Tel +7 495 775 1242; Reuters Messaging: alfred.kueppers@thomsonreuters.com@reuters.net)