Libya"s sovereign fund has bought the most...

Libyan Investment Authority bought 1.43% of RusAl stock for $300 million while VEB paid $663 million for a 3.15% stake in RusAl. Overall, the world"s largest aluminum producer sold 10.6% of its shares in the IPO and raised $2.24 billion, Vedomosti reported.

RusAl"s IPO was the first share offering by a Russian company in Asia.

Libyan Investment Authority, which manages assets worth more than $65 billion, will become RusAl"s second largest minority shareholder after VEB. A source close to RusAl told Vedomosti that Libya"s sovereign fund made the decision to buy a RusAl stake with the personal approval of Libyan leader Muammar Gaddafi and his family, while the aluminum giant"s officials who held negotiations with the fund included RusAl CEO and owner Oleg Deripaska.

RusAl, which accounts for approximately 11% and 13% of global production of aluminum and alumina, respectively, piled up large debts before the 2008 global financial crisis, obtaining cheap loans internationally

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