The world's largest aluminium producer has finally been born

9 Oct, 2006 06:47 / Updated 18 years ago

After months of negotiations Russian aluminium producers Rusal and Sual have signed a merger agreement with Switzerland’s Glencore.

Under the deal, which still needs approval from the Federal Anti-Monopoly Service, Rusal will hold 66 per cent of the new company, Sual will take 22 per cent. Glencore, represents 12 per cent. Sual's Vekselberg said the new venture would be able to produce 4 million tonnes of Aluminium, and 11 million tonnes of Aluminia. There have been repeated reports that Sual's owners would exit the merged company  – Vekselberg would only confirm that the merged company planned an initial public offering within 18 months.