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Report: Russians Prokhorov, Vekselberg selling 3% stake in Rusal

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Report: Russians Prokhorov, Vekselberg selling 3% stake in Rusal

Russian tycoons Mikhail Prokhorov and Viktor Vekselberg are selling a 3% interest in United Co. Rusal Plc, with Prokhorov offering a 0.7% stake and Vekselberg offering a 2.3% stake, Reuters reported Oct. 10, citing one of the businessmen's bookrunners.

The report valued the 3% stake at US$341 million, based on the HK$5.84 closing price of Rusal shares on Oct. 10.

Rusal and Onexim Group, which manages Prokhorov's assets, declined to comment on the matter, while Renova Group, which manages Vekselberg's assets, did not respond to Reuters' request for a statement. En+ Group Ltd., which has about a 48% stake in Rusal, did not respond to a request for comments either.

Just a few days ago, En+ Group confirmed that it intends to proceed with an initial public offering of global depositary receipts to raise about US$1.5 billion to partially repay its debt. The admission to the London Stock Exchange is expected to take place in November, followed by an admission to the Moscow Exchange.