United Co. Rusal slid the most in a week in Moscow after Victor Vekselberg resigned as chairman of the world’s largest aluminum producer, saying the company controlled by billionaire Oleg Deripaska is facing a “deep crisis.”
OAO Rosneftegaz, a Russian state-run holding of which President Vladimir Putin’s ally Igor Sechin is chairman, may buy power assets from billionaire Victor Vekselberg’s ZAO Integrated Energy Systems, Vedomosti reported, citing industry officials it didn’t identify.
OAO Gazprom and Russian billionaire Victor Vekselberg scrapped the plan to merge their power assets after failing to agree on price, Vedomosti reported, citing unidentified people familiar with the matter.
United Co. Rusal fell to a two month-low in Hong Kong after its chairman quit citing disputes with controlling shareholder Oleg Deripaska about dividends and asset sales at the debt-laden aluminum producer.
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.
Asian stocks rose, with the benchmark index reversing yesterday’s losses, as euro-area finance chiefs gathered to complete a second Greek bailout. Shares also climbed on expectations of rising U.S. retail sales.
TNK-BP fell for the second day on investor concerns Russia’s third-largest oil producer will have to take on debt to help its billionaire shareholders fund their acquisition of BP Plc’s 50 percent stake in the venture.