Deripaska's plan for Rusal flotation hits a setback

RUSSIAN tycoon Oleg Deripaska&rsquo;s plan to float his aluminium business UC?Rusal hit another hurdle yesterday, when the Hong Kong Stock Exchange delayed a ruling that needs to go in the firm&rsquo;s favour before it can list. <br /><br />Rusal, the world&rsquo;s largest aluminium company, is poised to secure a $17bn debt restructuring package that it hopes will pave the way for a $3bn flotation in Hong Kong next week. But it must now wait for the stock exchange to decide whether it can list on 7 December. <br /><br />A successful debt rescheduling for Russia&rsquo;s Rusal is regarded as crucial for the country&rsquo;s economy, which has suffered in the aftermath of the collapse in global commodity prices. <br /><br />Oligarch Deripaska has endured a difficult year with his fortune falling from a reputed $28bn in 2008 to $3.5bn, according to some estimates.<br /><br />The Rusal float was originally scheduled to have taken place in London, where it would have joined a number of Russian mining firms. But adverse market conditions in late 2007 scuppered the&nbsp; plan.