Rusal Slides Most in 3 Weeks on Possible $2 Billion Sale

United Co. Rusal, the world’s largest aluminum producer, dropped the most in three weeks after the company was said to be considering a share sale of as much as $2 billion to reduce debt.

The company’s depositary receipts slid 2.5 percent to 387.99 rubles by the 6:45 p.m. close in Moscow, their biggest one-day loss since May 16.

The stock dropped as much as 1.7 percent yesterday after two people familiar with the matter said Rusal may sell new shares equating to a stake of 7 percent to 10 percent, for a value of about $1.5 billion to $2 billion. Rusal’s shares listed in Hong Kong slumped as much as 4.6 percent to HK$10.80 today.

Investors expect the company to offer “a solid discount” if the offering goes ahead, Marat Gabitov, an equity analyst at Unicredit SpA in Moscow, said in an e-mailed report today. While the valuation range implies a discount of as much as 6 percent, investors could demand a higher one at the actual placement, Gabitov said.

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