Oligarch to raise £3.5bn in London float

Metalloinvest, the iron and steel business of Alisher Usmanov, Arsenal football club's Russian shareholder, will raise $7bn (£3.5bn) when it lists in London.

A source close to Mr Usmanov confirmed this week that the float will take place later this year, and added that the London Stock Exchange is the preferred destination. "London is the home of mining finance," said the source. "The analysts know the sector well and the Russians like the city."