UC RUSAL acquired 25% plus one share of Norilsk Nickel from ONEKSIM Group. The company’s press officer reports this transaction is seen as UC RUSAL’s first step towards creating Russia’s first global and diversified mining and metallurgical enterprise.

The acquisition agreement was signed in November and came into effect on December 21, 2007. In return, ONEKSIM Group is going to get 11% of RUSAL’s shares, some money, and a membership in the company’s Board.

'We intend to set up a global mining and metallurgical enterprise that is to become one of the world’s Top 5 metallurgical giants. This means it will be even more profitable for shareholders; besides, the existence of such a company will enhance Russia’s international prestige. We expect Norilsk Nickel’s shareholders, management, and workforce to support the idea of creating a global leader,’ UC RUSAL’s GD Alexander Bulygin said to UrBC. UC RUSAL has been guaranteed by ABN Amro, BNP Paribas, Credit Suisse, and Merrill Lynch that it will be provided with loans to finance the transaction. To complete the procedure, RUSAL needs to have permissions from antimonopoly watchdogs of seven different countries, so the enterprise has already sent papers to this extent to the agencies. The transaction will probably have been fully finalized in the first three months of 2008.