Russia’s Sual Partners of Viktor Vekselberg and Leonid Blavatnik may not complete a deal to buy a 12% stake in aluminum giant UC RUSAL from Mikhail Prokhorov’s Onexim Group, as difficulties have occurred.
“The term of the deal’s completion is not clear,” sources said.
“It may not take place at all,” a source close to one side of the talks said.
The value of RUSAL has almost doubled since the summer 2016 when the sides started negotiating the deal, two sources said. Onexim is not ready to sell the stake at the summer price, sources said. Moreover, there are difficulties with an approved loan of Sberbank, sources said.
One more difficulty is connected with requirements of the Hong Kong Stock Exchange. A buyer and a seller should confirm that they are not affiliated and the sale of only 12% and not the entire Onexim’s 17.5% stake is not a way to avoid an offer to the remaining shareholders, one of the sources said. (Prime/Ukrainian metal)