Rusal’s Norilsk Writedown Underlines Deripaska Board Tension
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United Co. Rusal, the world’s biggest aluminum producer, recognized a $1.4 billion drop in the book value of its OAO GMK Norilsk Nickel holding, the subject of a boardroom spat that led to the chairman quitting last week.
Its 25 percent shareholding in Norilsk had a market value of $7.4 billion at the end of last year, down from $11.2 billion, the Moscow-based company said today in a statement. The revaluation led to fourth-quarter loss of $974 million, according to Rusal’s financial report.