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Sberbank mulls buying RUSAL shares in IPO

Thursday, Dec 03, 2009
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MOSCOW, Dec 2 - State-run Sberbank , Russia's biggest lender, is considering buying shares in aluminium giant UC RUSAL via its initial public offering, the bank's chief executive officer German Gref said on Wednesday. Indebted UC RUSAL, controlled by Russian magnate Oleg Deripaska, has just secured approval for Russia's biggest-ever debt restructuring deal from the last of over 70 creditors.[ID:nGEE5B102L] The company plans to list 10 percent of shares in Hong Kong and Paris, which may bring the company as much as $2 billion. "We will probably take part in the IPO . The company is stable, its market capitalisation will rise. It is interesting from an investor's point of view," Gref told reporters, adding that Sberbank was one of the underwriters for the IPO. UC RUSAL has already attracted at least one willing buyer in state bank VEB, whose plans to participate in the IPO were confirmed on Nov. 25 by Finance Minister Alexei Kudrin. [ID:nGEE5AO10Q] VEB, a major domestic creditor, has pledged to buy a 3 percent stake at a price valuing RUSAL at close to $20 billion. Sberbank's Gref did not provide further details on the possible purchase of RUSAL's shares. (Reporting by Oksana Kobzeva; Writing by Dmitry Sergeyev; Editing by Dmitry Solovyov and Hans Peters) ((dmitry.sergeev@reuters.com; +7 495 775 1242; Reuters Messaging: dmitry.sergeev.reuters.com@reuters.net))

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