We hear that glasnost will soon be apparent in the hotly contested battle between Ashurst, Gibson Dunn & Crutcher and Linklaters to advise Russian aluminium giant Rusal on its forthcoming London IPO.
Two firms have been 'pre-appointed', pending approval by the board of directors, leaving just one out in the cold.
As first reported by The Lawyer (16 October 2006), Ashurst and Gibson Dunn, together with Russian firm Egorov Puginsky Afanasiev & Partners, advised Rusal on its £16bn tripartite merger with Sual and Swiss company Glencore's aluminum business, while Linklaters advised both Sual and Glencore. Post-merger the three firms were left to pitch to the combined company to advise on its IPO plans.
Our money is on Linklaters getting the nod.
Rusal's in-house team took on legacy Sual lawyer Maksim Goldman, who is now managing his new home's IPO. And of course, prior to the Rusal merger Sual was pursuing its own IPO in London, later abandoned. And the lead adviser? Linklaters.