MOSCOW, November13 (RIA Novosti) - Russian aluminum companies RusAl and SUAL [RTS: SUAL] and Switzerland's Glencore have applied to Russia's Federal Anti-Monopoly Service for authorization to merge their assets to form United Company RusAL.
The consolidated company is set to become the world's largest aluminum producer.
Under a deal signed in mid-October, RusAl will have a 66% stake in the company, while SUAL will hold 22% and Glencore 12%. The aluminum giant plans to hold its IPO in 18 months' time.
The merger deal, which aims to produce over 11 million tons of primary aluminum per year and control 12.5% of the world's primary aluminum market, will be finalized by April 1, 2007.
United Company RusAL is expected to have an estimated value of $25-30 billion.
The Russian state has not sought to acquire a stake in the new company, RusAl owner Oleg Derispaska said.
