Rusal, a top-three global aluminium producer, has announced that the company’s creditors have approved the transaction to merge Rusal, Sual and the alumina assets of Glencore International.

Rusal has been given official affirmation from its creditors for the change in the shareholding structure of the company. In particular, in the newly enlarged company, the shareholders of Rusal will own 66%, Sual will own 22% and Glencore will own 12%.

The merger will result in an increase in net indebtedness and in temporary changes to Rusal’s financial indicators, which have also been approved by the creditors. The receipt of this approval was part of the requirements of the US$2.5bn credit agreements.

The enlarged business will become the new leader in the global aluminium and alumina production industry, with operations in 17 countries on five continents and more than 110,000 employees. The total production capability will be 4mn tonnes of aluminium and 11mn tonnes of alumina. The combined company will command 12.5% of the global primary aluminium market and 16% of the worldwide alumina volumes.