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’Snap news
Breaking pre-market news on Thursday,
- Hennes & Mauritz Q1 results undershoot market forecasts — statement and statement.
- 2010 net profit at Rusal more than triples — statement.
- Taylor Wimpey announces sale of North American business for £595m — statement.
Rusal’s red pen treatment
You probably had better things to do over the festive period than plough through the 1,141 page IPO prospectus for Oleg Deripaska’s UC Rusal.
Which gives us the opportunity to highlight page 3 of the document.
Deripaska’s Pyrrhic Rusal victory
For the last year Oleg Deripaska has been a man on a mission.
And after months of wrangling with regulators, UC Rusal, his heavily indebted aluminium company, looks finally to have won approval for a $2bn float in Hong Kong and Paris come January.
HK further delays Rusal IPO
Oleg Deripaska is likely to have to give up his attempt to launch a $2bn IPO of his UC Rusal aluminium group before Christmas after the Hong Kong Stock Exchange announced a further delay on Monday. The move meant the offering of up to 10% of the company’s shares would have to be pushed back to next year,
Deripaska plays down Rusal delay
Oleg Deripaska on Thursday told the FT it was “no problem” if the $2bn IPO of UC Rusal, the Russian tycoon’s aluminium group, was delayed into next year. Russia’s former richest man brushed off concerns that the decision by the Hong Kong Stock Exchange to delay until next week a crucial ruling on the listing could push the flotation into 2010,
HK deals blow to UC Rusal float plan
Oleg Deripaska’s plans to float his UC Rusal aluminium group by the end of the year suffered a blow on Thursday after the Hong Kong Stock Exchange postponed a decision to approve it until Dec 3. But insiders insisted Rusal was still on track to start trading in Hong Kong and Paris by Dec 23 as planned,
Maxis enjoys its maxi IPO while Hopu pulls out of Minsheng
While the hype about Asian IPOs is largely focused on China and the seemingly endless stream of offerings on the Shanghai and Hong Kong exchanges, Malaysia on Thursday quietly and smoothly staged the region’s largest IPO of the year.
UC Rusal in difficulty over Norilsk stake
United Company Rusal has run into problems finalising its purchase of a 25% stake in Norilsk Nickel, the world’s biggest nickel miner, from Mikhail Prokhorov, the Russian billionaire, who is disputing a condition in an agreement he signed in November,