A couple of eye-catching news tidbits on the Dow Jones Newswires: UC Rusal, the Russian aluminum behemoth, wants a Hong Kong stock exchange listing. But the Hong Kong exchange pooh-bahs have delayed approval of Rusal’s initial public offering; they want reassurance about the company’s heavy debt burden. So what has Rusal gone and done? It has put a couple of Hong Kong pooh-bahs on its board. They are Elsie Leung Oi-Sie, a Hong Kong government official, and Barry Cheung Chun-Yuen, chairman of the Hong Kong Mercantile Exchange. Smaaaart. As for Talbots, it has announced a series of financial acrobatics that seem unlikely to do much more than ensure the survival of an outmoded women’s clothing retailer. In a nutshell, Talbots is doing a deal with what’s known as a “special purpose acquisition vehicle” and will dump its majority owner, Japan’s Aeon Co. Shares are up because the money-losing company uttered sweet nothings about its 2010 outlook. I’ll have more on this odd transaction as details emerge.
UC Rusal
Posted by Gabriella Stern
on December 08, 2009
Corporate Governance, Initial Public Offerings, Mergers & Acquisitions, Retailing, Russia / Comments Off
Corporate Governance, Initial Public Offerings, Mergers & Acquisitions, Retailing, Russia / Comments Off
