Aluminium giant Rusal loses capital markets guru ahead of London IPO

An overhaul of the legal in-house team at Russian conglomerate Rusal has seen the coordinating lawyer for its IPO quit just as the company announced its concrete plans to list in London.

The in-house changes mean the aluminium giant’s legal team no longer boasts the lawyers who coordinated the $30bn (£15.1bn) merger between Rusal, Sual and Glencore’s aluminium business last year.

Max Goldman, who was a legacy head of legal from Sual, had been in charge of capital markets at the combined company and was set to coordinate the much-anticipated flotation in London, which has gifted roles to Ashurst, Cleary Gottlieb Steen & Hamilton, Egorov Puginsky Afanasiev & Partners and Linklaters, as exclusively reported by The Lawyer last week (18 June).

Goldman has left Rusal “to explore other opportunities”, according to a spokesperson, and could not be reached for comment. The company said it was still looking for Goldman’s replacement.

At the same time Rusal’s M&A legal head Max Sukov, who oversaw last year’s merger from Rusal’s perspective, has moved to a strategic and business development position within the in-house M&A team.

It is understood that Rusal’s remaining general counsel Peter Clateman is coordinating the London IPO. Clateman spent time in the Moscow offices of Skadden Arps Slate Meagher & Flom and White & Case before taking in-house roles, joining Rusal last year.