Nigerian Court Strikes Down Rusal's $205M Aluminum Co. Buy

Law360, New York (July 9, 2012, 2:04 PM EDT) -- The Nigerian Supreme Court has retroactively voided Russian aluminum giant United Co. Rusal's $205 million purchase of Nigerian aluminum company Alscon in 2007, ruling Friday that a U.S. company should have been allowed to buy Alscon in 2004.

Nigeria's high court ordered Friday that Rusal, the world's largest aluminum producer, be stripped of its 85 percent stake in Aluminum Smelter Co. of Nigeria, or Alscon. The court found the company should have been sold to U.S. private company BFI Group in 2004.

Rusal said Monday that...
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