United Co. Rusal’s Chairman Barry Cheung, whose predecessor quit citing a “deep crisis” at the company, said the world’s biggest aluminum producer would study selling its stake in OAO GMK Norilsk Nickel at the right price.
United Co. Rusal may have to replace Chairman Barry Cheung in August, five months after he took over the post at the world’s largest aluminum producer, according to four people with knowledge of the situation.
United Co. Rusal’s Oleg Deripaska is wedded to an investment that barely covers borrowing costs, has brought management into conflict and added to losses for stockholders such as billionaire Li Ka-shing and Paulson & Co.
United Co. Rusal, the world’s biggest aluminum producer, recognized a $1.4 billion drop in the book value of its OAO GMK Norilsk Nickel holding, the subject of a boardroom spat that led to the chairman quitting last week.
Leung Chun-ying, the property surveyor who was a surprise choice to be Hong Kong’s new leader, takes office July 1 facing immediate demands to narrow a record wealth gap and come up with plans for universal suffrage.
United Co. Rusal, the world’s largest aluminum producer, may elect Matthias Warnig as chairman when the new board of directors is formed on June 15, Vedomosti reported, citing two unidentified people close to the company.