SMM Morning Review - 2010/12/2 Nickel Market

(Bloomberg)--United Co. Rusal, the world&rsquo;s largest aluminum producer, picked Russia&rsquo;s biggest bank OAO Sberbank to issue the nation&rsquo;s first depositary receipts, as it seeks investors outside its Hong Kong and Paris listings.
The receipts will extend to all Rusal&rsquo;s authorized share capital of 20 billion common shares, the Moscow-based company said today in an e-mailed statement. VTB Capital, the investment bank arm of Russia&rsquo;s second-largest lender, is advising Rusal.
Issuing the receipts will allow Rusal, the first Russian company to sell shares in Hong Kong when it raised $2.24 billion in January, to attract investors that focus on securities traded in Russia. The receipts will be backed by the Hong Kong-listed common shares of the St. Helier, Jersey-registered company.
The depositary receipt program allows companies registered abroad to trade in Moscow. The program is awaiting registration by Russia&rsquo;s financial regulator, Rusal said. 
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