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. Last Updated: 07/27/2016

JPMorgan, Morgan Stanley In Running for RusAl IPO

RusAl said Monday that JPMorgan Chase and Morgan Stanley were among the banks that could advise on the company's planned initial public offering in London.

"JPMorgan Chase & Co. and Morgan Stanley are indeed being reviewed by RusAl among potential candidates, but the company has not made a final decision on which banks will lead the IPO,'' RusAl spokeswoman Vera Kurochkina said.

The two banks will lead the IPO for the company, Interfax said Monday, citing unidentified bankers. RusAl is being advised by Credit Suisse and JPMorgan and will start a promotional tour this week seeking investor support for a London listing that would value it at $30 billion, the Sunday Times reported.

RusAl will hold an IPO within three years as part of the merger agreement with Russian Aluminum, SUAL and the alumina assets of Glencore, Kurochkina said.

"Following the completion of the merger, we have scheduled a range of meetings with the financial community to introduce United Company RusAl and outline our growth strategy," she said.