Russia’s Rusal has a natural appetite for M&A. Created just five years ago after the merger of various aluminium smelters and alumina refineries belonging to two companies – Oleg Deripaska’s Basic Element, formerly known as Sibirsky Aluminium; and Sibneft, then belonging to Roman Abramovich and Boris Berezovsky – it has swiftly risen to become Russia’s largest aluminium company and the third largest globally.
Basic Element has gradually increased its ownership in Rusal ever since, taking full control of the company in 2004.
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