It looks like consolidation comes to the aluminum industry too. It will be called Rusal. It’ll be bigger than Alcan.
The deal was openly rumored for weeks, and now it appears to be real. On Oct. 4, according to leaks in the Russian media, Russia’s two largest aluminum producers, Rusal and Sual, and Swiss commodities trader Glencore International, will team up in a merger to create the world’s largest aluminum producer.
The impending merger will be worth almost $30 billion, with Rusal likely owning 64.5% of the combined company. Sual and Glencore will pick up 21.5% and 14%, respectively.
At the same time (I don’t believe in coincidences)
Alcoa says it’s in discussions with Quebec to expand and modernize plants
Multinational aluminum producer Alcoa says it is in discussion with the Quebec government regarding plans to expand or modernize plants in the province.
“Aluminum has so much potential and Quebec is pretty near the American market,” Alcoa Canada president Jean-Pierre Gilardeau said after a speech Wednesday
“We just have to find a winning formula for both sides.”
The talks have been going on for several months and are aimed at expanding or modernizing plants in outlying regions, Gilardeau said.