Taken on trust

For Rusal and Sual, it’s second time lucky. The two Russian aluminium giants tried to merge once before two years ago. But those talks fell through when the two oligarchs - Oleg Deripaska of Rusal and Victor Vekselberg of Sual - fell out. This time, the pair managed to bury their differences and have agreed an even more ambitious three-way merger with Glencore, the privately-owned Swiss group. The combined group will be the world’s largest aluminium group - larger even than Alcoa of the US - and...