Rusal, in dual listing, seeks HK approval this month

HONG KONG, Nov 4 (Reuters) - Russian aluminium giant UC RUSAL will seek Hong Kong listing committee approval this month, sources with direct knowledge of the deal said on Wednesday, hoping to raise around $2 billion through a dual listing. RUSAL also plans to list in Euronext Paris as well, said the sources, who were not authorised to speak publicly about the offering. The primary listing would occur in Hong Kong, the secondary listing in Paris, the sources said. RUSAL hopes to begin trading in December, though the IPO is contingent on progress with its debt restructuring, set to conclude by mid-November, the sources said. RUSAL could not immediately be reached for comment. (Reporting by Kennix Chim; Editing by Michael Flaherty and Jacqueline Wong) (([e-mail]; [phone]; If you have a query or comment on this story, send an email to [e-mail])) Keywords: RUSAL IPO/ * UC RUSAL aims for HK listing in December - sources * Plans dual listing in Hong Kong and Paris - sources * Plan dependant on debt-restructuring deal with creditors (Adds details and background) By Kennix Chim HONG KONG, Nov 4 (Reuters) - UC RUSAL, the world's top aluminium producer, will seek Hong Kong listing committee approval this month, sources with direct knowledge of the deal said on Wednesday. The debt-burdened Russian company aims to raise about $2 billion through a dual listing in Hong Kong and Europe. RUSAL also planned to list on Euronext Paris, said the sources, who were not authorised to speak publicly about the offering. The primary listing would take place in Hong Kong and the secondary listing in Paris, the sources said. RUSAL, controlled by Russian tycoon Oleg Deripaska, aimed to obtain listing approval in Hong Kong on Nov. 26 and to make its trading debut in December, although the IPO was contingent on progress with its debt restructuring, the sources said. RUSAL is urgently trying to reach a deal with its foreign creditors on $7.3 billion of debt by mid-November. "The debt restructing is an important milestone for RUSAL to proceed with its IPO," one of the sources said. A spokeswoman for the company said the restructuring would be completed soon, but would not comment directly on the IPO plan. BNP Paribas, BOC International, Credit Suisse and Goldman Sachs are handling RUSAL's offering. (Editing by Michael Flaherty and Chris Lewis) ((Reporting by Kennix Chim; [e-mail]; [phone])) Keywords: RUSAL IPO/ (If you have a query or comment on this story, send an email to [e-mail]) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.