26 May 2004 02:31
Rusal to fight for Jamaican alumina refinery
MOSCOW. May 26 (Interfax) - Russian aluminum giant Rusal will fight for the right to buy 65% of Jamaica's Alpart
alumina refinery from the bankrupt Kaiser Aluminium, even though Norway's Hydro has jumped in to exercise its
priority right to purchase the asset.
"We contest Hydro's preferential right to buy Alpart," Vera Kurochkina, Rusal's press
spokeswoman, told Interfax.
Kaiser Aluminium announced on April 22 that RusAl was the successful bidder for its interests in and related to
Alpart with an offer providing a base purchase price of $295 million prior to certain adjustments. The starting price at
the auction was $215 million.
Hydro Aluminium owns 35% of Alpart. The sale conditions stated that the Norwegian company would retain the right -
for 30 days following Kaiser's receipt of court approval of any sale transaction - to elect to purchase
Kaiser's interests at the price specified in any agreement approved by the bankruptcy court.
Kurochkina said Rusal had also told Kaiser and its creditors it was prepared to increase its offer to $316.2 million.
"We hope the board of creditors and the court will back us because we are acting in the creditors'
interests," she said.
Rusal is one of the world's three biggest aluminum companies. It produces more than 70% of the world's
primary aluminum and about 10% of Russia's primary aluminum. Rusal has to import most of its alumina. [RU ASIA
EUROPE EEU EMRG MET ALU MRG CORA NO JM STX] pr
[Interfax] |
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