Aluminium sale 'nets Abramovich £1.8bn'
Thursday 25 September 2003
Roman Abramovich, the Russian billionaire who recently bought Chelsea football club, has sold his stake in the country's top aluminium company Russian Aluminium (RusAl) to his partner, according to local press reports.
The move would be more evidence of Mr Abramovich cashing out of Russia, where he made his fortune. It is thought that the 50 per cent stake RusAl is his last major holding in Russia. Over the summer, the Kremlin appeared to begin a campaign against the country's super-rich "oligarchs" centred on the interests of the Mikhail Khodorkovsky, who heads the oil major Yukos.
According to a Russian press report, Mr Abramovich's investment vehicle Millhouse Capital has sold its 50 per cent stake in RusAl to Basic Element, which owns the other half of RusAl, for £1.8bn. Basic Element is controlled by another Russian tycoon, Oleg Deripaska. Neither party would comment.
In March, Mr Abramovich sold off his 26 per cent share in national airline Aeroflot. He is also the dominant shareholder in the oil company Sibneft, which is being sold to Mr Khodorkovsky's Yukos.
In August, Mr Abramovich said he might sell some Russian assets, but dismissed rumours he planned to pull out of the country altogether. "We are selling some things and buying other things. I don't feel like doing business outside Russia," he said.
Commentators said that if someone as well-connected as Mr Abramovich was winding up his activities in Russia, it was a sign of real fear among the country's business elite.
- 1 The difference between a migrant and refugee, in one sentence
- 2 Miley Cyrus calls out hypocrisy of women’s nipples being taboo
- 3 Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
- 4 iPhone 5c to be discontinued, no iPhone 6c to replace it
The difference between a migrant and refugee, in one sentence
Spain accused of 'provocation' after letting Russian submarine refuel off Gibraltar
Allonautilus scrobiculatus: World's 'rarest' creature spotted for only the third time ever
Miley Cyrus calls out hypocrisy of women’s nipples being taboo
Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Iain Duncan Smith calls for urgent ESA overhaul as part of drive to cut down welfare costs
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...