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Rusal turns $2bn debt to Onexim into equity
March 23, 2009 - 15:13 GMT
Location:
London
KEYWORDS:
Onexim Group
,
Mikhail Prokhorov
,
Oleg Deripaska
,
Rusal
,
United Co Rusal
,
En+
,
Nadia Cavallaro
Onexim Group, owned by Russian oligarch Mikhail Prokhorov, has raised its stake in United Co Rusal to 18.5% after turning $2 billion of the aluminium producer's debt to his company into equity.
The $800 million Rusal still owes Onexim after buying a stake in Norilsk Nickel from it will be restructured along with loans it has with international lenders, Rusal said.
The conversion of debt to shares raises Onexim’s stake in Rusal from 14% and lowers the stake owned by Rusal ceo Oleg Deripaska’s En+ Group to 53.8% from 56.76%
Sual’s stake will fall to 18.92% from...
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Euromoney Institutional Investor PLC.
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