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. Last Updated: 07/27/2016

RusAl Courts Chinese Investment in Planned IPO

Aluminum giant United Company RusAl is targeting major Chinese investors to be cornerstones of its planned $2 billion IPO in Hong Kong and Paris, and will start a roadshow in December if it can secure their backing, a source familiar with the company's plans told Reuters.

"RusAl has been talking with possible cornerstones for its IPO for several months already. Three to four Chinese companies have shown their interest," the source said.

Another source familiar with the deal confirmed that RusAl — controlled by Russian oligarch Oleg Deripaska — will be ready to start meeting investors as early as Nov. 30.

However, the world's largest aluminum producer has still to reach a key deal with Western banks to restructure $7.3 billion of foreign debts — crucial for the producer's plans to sell shares this year — although the talks are continuing.

RusAl declined to comment.