Rusal 0486

Re: Rusal 0486

Postby winston » Fri Apr 27, 2018 9:27 am

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Russian aluminum magnate Deripaska won’t give up on RUSAL despite US ultimatum – report

Source: RT

https://www.rt.com/business/425253-deri ... -treasury/
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Re: Rusal 0486

Postby winston » Fri Apr 27, 2018 1:33 pm

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Oleg Deripaska Plans on Keeping Control of Rusal

U.S. has offered to lift sanctions if Deripaska leaves Rusal
The Kremlin has no plans to nationalize the aluminum co

Deripaska is counting on lobbying by European governments to help ease the U.S. sanctions.

“It will probably result in more damage to Europe than it will to Mr. Putin".

Rusal is trying to find new shipping routes and alternative clients, they said.

His company En+ Group Plc currently owns 48 percent of Rusal.

The company is one of Russia’s biggest employers, with about 60,000 people.




Source: Bloomberg

https://www.bloomberg.com/news/articles ... l-of-rusal
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Re: Rusal 0486

Postby winston » Fri Apr 27, 2018 4:09 pm

Top Rusal trader quits over US sanctions

by David Sheppard and Neil Hume

Rusal’s top trader has left the sanction-hit Russian company, dealing a significant blow to operations as it struggles to retain customers in the face of US penalties.

Steve Hodgson, a New Zealander based in Geneva, had responsibility for about 80 per cent of the aluminium company’s sales, including all of those outside Russia, according to people familiar with the situation.

The former Rio Tinto employee is said to have left Rusal due to fears that, as the most senior non-Russian executive, he could fall foul of US sanctions.

The penalties contain a provision that could apply so-called secondary sanctions to non-US citizens seen to have helped facilitate new “significant transactions” with Rusal.

Aluminium prices spiked as much as a third after the sanctions were imposed, reaching $2,718 a tonne — the highest level in almost seven years.

Alumina, the refined white powder used in aluminium production, jumped as much as 80 per cent.

Glencore, the mining and commodity trading house that was the biggest buyer of Rusal’s aluminium, has declared force majeure on a number of its supply contracts since the sanctions were introduced.

Source: Financial Times

https://www.ft.com/content/cd352626-495 ... e73aab7ccb
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Re: Rusal 0486

Postby winston » Sat Apr 28, 2018 6:54 am

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Deripaska agrees to relinquish control of sanction-hit Rusal

A deal with Russian oligarch would help to free aluminium empire from US restrictions

by David Sheppard, Neil Hume and Henry Sanderson

Oligarch Oleg Deripaska is set to give up control of Russian aluminium producer Rusal by reducing his majority stake in EN+, its London-listed parent company, as he attempts to release the groups from crippling US sanctions.

Under the proposed deal, Mr Deripaska would cut his 70 per cent holding in EN+ to below 50 per cent and resign from its board.

EN+, which listed on the London Stock Exchange last November in a $1.5bn flotation, would also relinquish its rights to nominate the chief executive of Rusal and manage the business, according to people close to the matter.

However, A US Treasury spokesperson said: “A reduction in the percentage of ownership by a sanctioned individual is not necessarily in and of itself a basis for delisting. Ofac conducts a thorough review of the facts and circumstances of each removal request in every individual case, and does not publicly speculate on specific outcomes or scenarios.”

“Mr Oleg Deripaska has agreed in principle to the chairman’s request that Mr Deripaska reduce his shareholding in the company to below 50 per cent,” EN+ said.

It is not yet clear if the Kremlin will be prepared to back the proposal, which would see one of Russia’s highest-profile businessmen to be separated from control of his assets by the US. Some believe that such a move could encourage Washington to target other oligarchs with ties to President Vladimir Putin.

The proposed deal was agreed in Moscow on Thursday between Mr Deripaska and EN+’s chairman, Greg Barker, a former UK energy minister , who was made a life peer after leaving the government of David Cameron in 2015.

EN+ said it had asked the US Treasury for an extended deadline for Mr Deripaska to sell down his stake. The company would overhaul its board under the deal, removing Mr Deripaska and adding a new slate of directors without links to the oligarch.

The Kremlin has discussed state support or a possible nationalisation of Rusal, though it is unclear whether selling a stake to the Russian government would be accepted by the US given its broader stand-off between Moscow and Washington.

Source: Financial Times

https://www.ft.com/content/b98bbe8c-4a3 ... 5ddcca99b3
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Re: Rusal 0486

Postby winston » Mon Apr 30, 2018 9:29 am

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Deripaska pins hopes on UK Tory peer to save EN+ and Rusal
Former energy minister Greg Barker at heart of talks to help oligarch respond to US sanctions

by Henry Sanderson, Neil Hume and David Sheppard

More immediately, Lord Barker needs to persuade the US Treasury to extend a May 7 deadline to end Mr Deripaska’s control of the company, otherwise shares in EN+ could be suspended from the LSE, causing further pain for investors.

EN+ has a 48 per cent stake in Rusal, the largest aluminium producer outside of China, as well as hydropower assets that make it the seventh-largest producer in the world.

Rusal in turn owns almost a third of Russia’s Norilsk Nickel, a precious metals miner that is the world’s largest producer of palladium.

Lord Barker has defended his decision to stay on as chairman of EN+ as necessary to represent minority shareholders, who make up about 13 per cent of the group. Its institutional investors include the Qatar Investment Authority, the country’s sovereign wealth fund, and Singapore-based AnAn Group, a partner of China’s CEFC China Energy.

Source: Financial Times

https://www.ft.com/content/36d6c364-4b9 ... afc22d86d4
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Re: Rusal 0486

Postby winston » Tue May 01, 2018 9:24 am

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Mnuchin Says U.S. Doesn't Seek to Put Rusal Out of Business

Says Deripaska must reduce ownership stake under 50 percent
Negotiations with company “encouraging” Treasury chief says

Source: Bloomberg

https://www.bloomberg.com/news/articles ... f-business
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Re: Rusal 0486

Postby winston » Tue May 01, 2018 9:47 pm

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Four Ways the Rusal Sanctions Could Play Out in Aluminum Markets

The most likely outcome is a long negotiation, says O’Toole
Without sanctions relief, analysts say prices will surge


Here are four scenarios for how the story could play out:

1. Rapid Resolution
The fastest resolution would be for the U.S. to lift sanctions.

Last week, Deripaska offered to reduce his majority stake in En+ Group Plc, the holding company that owns Rusal shares. The U.S. previously said that removing sanctions from Rusal would require divestment and relinquishment of control.”


2. Drawn-Out Talks

The most likely outcome is a long negotiation between Deripaska and U.S. officials.

Under this scenario, shortages would ease in the alumina market, the key raw material to make aluminum, said Dinsmore of CRU.

Rusal would likely be allowed to export aluminum, but probably sell less metal than before the sanctions, when it was exporting about 80 percent of output.


3. Half-Way House

If the U.S. rejects Deripaska’s proposal, the Russian company may have to pursue other options to survive.

One possibility would be a major restructuring that carves out the international assets and sells them to Western buyers. Plants in Russia might pivot to customers in markets like China, Turkey or India that are less exposed to sanctions.

“One of things that makes these sanctions so effective is that Rusal can’t easily go running to China for help, since the country already runs a heavy aluminum surplus.”


4. No Fix

If talks break down and the Russian billionaire remains determined not to abandon his company, the aluminum industry should brace for a surge in prices and anticipate Rusal’s exit from international markets.


Source: Bloomberg

https://www.bloomberg.com/news/articles ... um-markets
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Re: Rusal 0486

Postby winston » Thu May 03, 2018 9:12 am

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US Treasury gives investors more time to sell Rusal assets

Deripaska’s EN+ no longer faces immediate suspension from London Stock Exchange

Under its original guidance, the Treasury had given investors with a US presence until May 7 to divest any EN+ equity or debt holdings.

On Tuesday evening, the Treasury announced that the deadline had been extended until June 6.



Source: Financial Times

https://www.ft.com/content/40facdb2-4db ... 951a2d8493
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Re: Rusal 0486

Postby winston » Thu May 03, 2018 9:22 am

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EN+ receives approaches for Oleg Deripaska’s stake

US Treasury gives Russian oligarch extra month to cede control of Rusal parent

The person said the talks were preliminary and did not reveal the names of the potential buyers, but said they included international companies and were not limited to Russian entities.


Source: Financial Times

https://www.ft.com/content/616d471c-4df ... 951a2d8493
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Re: Rusal 0486

Postby winston » Mon May 07, 2018 8:00 am

Oleg Deripaska, Russian oligarch under siege for Putin ties

In 2001, he married Polina Yumasheva, the daughter of the son-in-law of former president Boris Yeltsin.

Mr Putin has made it clear that, under him, the fate of big businessmen is conditional on absolute loyalty.


Source: Financial Times

https://www.ft.com/content/08f230b0-4df ... 951a2d8493
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