The Kremlin is mulling a plan to merge some of Russia’s largest metals companies into a conglomerate that would be partially owned by the government, in exchange for erasing some of the massive debt carried by the tycoons controlling the companies, The Wall Street Journal reported.
Such a conglomerate would have an annual revenue of as much as $40 billion, and give Russia a major player to compete with the likes of BHP Billiton, The Journal said.
Talks were held Tuesday between President Dmitry Medvedev and metals tycoons, including Oleg Deripaska, the largest shareholder in aluminum giant UC Rusal, Vladimir Potanin, a major stakeholder of OAO Norilsk Nickel, and Alisher Usmanov of iron-ore giant OAO Metalloinvest, the newspaper reported.
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The US Congress will force Norilsk to sell their Stillwater assets if Norilsk is owned by the Kremlin, especially after this Ukranian gas BS.
SWC will be put into play, Premium soars on spectacular Montana drill results, while BTP remains halted, the Kria merger is cancelled after a third party decides it wants BTP and PEM, and decides to merge them.
BTP will open at over $1.50.