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VEB considers participation in UC Rusal's IPO
RBC, 19.11.2009, Moscow 18:30:05.Vnesheconombank's (VEB) supervisory council has considered the bank's participation in UC Rusal's initial public offering (IPO), VEB's head Vladimir Dmitriyev told journalists today. He indicated that certain decisions had already been passed, but did not reveal any details, citing the confidentiality of such information. As reported earlier, UC Rusal is poised to secure approval from local authorities for its shares to be listed in Hong Kong and make an offering in December 2009. Meanwhile, the world's largest aluminum and alumina producer's IPO depends on its debt restructuring agreement with foreign creditors. The company plans to use proceeds from the IPO to pay off its debts, which currently stand at $16.8bn.
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