Jun 16 2004
OAO SUAL, part of SUAL Group, one of the world's top ten aluminium producers and the Volkhov Aluminium and Pikalevo Alumina subsidiaries of OAO Metallurg, have begun the process of merging their assets. By the end of 2004, it is anticipated that Volkhov Aluminium and Pikalevo Alumina will be fully incorporated within OAO SUAL.
Following extraordinary shareholder meetings of both OAO SUAL and OAO Metallurg, votes representing over 99.9 per cent of shares in both companies were cast in favour of incorporation. To finalise the incorporation of these companies, a joint general meeting of their shareholders will be held to complete the necessary legal arrangements.
The Volkhov and Volgograd aluminium smelters, together with Pikalevo Alumina, were integrated with the production operations of SUAL Group in 2002, following an agreement to merge the aluminium assets managed by the SevZapProm company with those of OAO SUAL. At that time, it was decided to convert shares in Volkhov Aluminium and Pikalevo Alumina (OAO Metallurg) into those of OAO SUAL.
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