Rusal forced to delay $3bn flotation

Aluminium producer Rusal has delayed its long-awaited $3bn (£1.8bn) share flotation on the Hong Kong stock exchange, it has been reported recently.

Hong Kong's listing committee has said that it was not satisfied with the company's flotation plans. The firm’s billionaire owner, Oleg Deripaska, has been struggling to restructure Rusal's debts. Rusal has little choice but to delay its initial public offering (IPO) until the spring.

Deripaska has been seeking to float his aluminium empire for several years. In April 2008, he indicated that he would prefer to hold an IPO in Hong Kong rather than London.