UC Rusal to acquire 33% stake in trading affiliate of NORINCO as Russian stocks head for their biggest gain in a month
UC Rusal, the world’s largest Aluminium producer, announced execution of a share purchase agreement with China North Industries Corporation under which it has agreed to purchase a 33% stake in a company Shenzhen North Investments Corporation Limited, a trading affiliate of NORINCO specializing in aluminium, alloys and other non-ferrous metals.
In a statement, the company said that this acquisition will enable Rusal to take an active part in the strategic and operational management of Shenzhen North Investments. The completion of the share purchase is due to occur before 31 January 2012 and is subject to a number of conditions precedent.
Meanwhile, Reuters reports that Russian stocks are headed for their biggest gain in a month after oil gained on optimism Europe’s debt crisis will be contained and as U.S. Thanksgiving retail sales reached a record.