The Russian investment management company Basic Element has increased its share in the Russian aluminum producer RusAl to 75 percent after purchasing another 25-percent stake in RusAl from Sibneft stockholders. Financial terms of the deal are kept a secret, the RusAl press service reported. Sibneft stockholders will withdraw from RusAl's board of directors and will be replaced by representatives of Basic Element.
RusAl was established in March 2000 as a result of mergers of the CIS' major aluminum and steel works. RusAl accounts for 75 percent of Russia's primary aluminum production.