Russian aluminium giant buys Nigerian company |
|
|
|
Published
:
Tue, 27 Feb 2007 17:52
|
MOSCOW (AFX) - Russian aluminium giant Rusal has closed a deal to buy a 77.5 pct stake in Nigerian producer Alscon, strengthening its position in west Africa, the company said on Tuesday.'The transaction will add almost 150,000 tonnes annually to Rusal's aluminium production capacity,' Rusal said in a statement, which did not disclose the price of the deal.The purchase also gives Rusal control of a 193,000-tonne smelter, a port on the Imo River and a power station. Other shareholders in Alscon are German group Ferrostaal (7.5 pct) and the Nigerian government (15 pct).Rusal, the world's third-biggest aluminium producer, already controls bauxite and alumina projects in Guinea and has said it plans to invest 150 mln usd (113 mln eur) over three years to modernise Alscon.US company BFI Group Divino Corporation, which was also interested in the purchase and has contested the conditions of the sale, said the price of the purchase was 250 mln usd.newsdesk@afxnews.comafp/jlcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
|
|
|
|
|
|
Print this Story
Tajikistan accuses Rusal of breaking promises on aluminium, power plant projects 