Rusal Continues Plan to Overtake Norilsk

Bloomberg reported Rusal (HKG:0486) is moving forward with plans to obtain Norilsk Nickel (LSE:MNOD) and create a firm to rival BHP (NYSE:BHP).

As quoted in the market news:

Deripaska’s plan for Norilsk, the largest Russian mining company and producer of half the world’s palladium, began with his purchase of the 25 percent stake in March 2008. The deal, which doubled Rusal’s debt to almost $17 billion months before the global financial crisis cut metal demand and prices, was touted by the aluminum company as the first step in a merger.

Click here to read the full Bloomberg report.