Russian billionaire Potanin buys 2% of Nornickel from Abramovich
MOSCOW – Russian billionaire Vladimir Potanin's Interros Holding said it had completed the purchase from businessman Roman Abramovich of a 2% stake in Norilsk Nickel, which has been the subject of a legal battle.
Abramovich struck a provisional deal last week that allowed him to sell a 4% stake in Norilsk to fellow shareholders Potanin and aluminium producer Rusal, pending the outcome of a London court case.
Rusal is trying to stop Abramovich from selling Nornickel shares, arguing that would violate a 2012 shareholder agreement. The share purchase by Interros could yet be revoked if the court, which is expected to make a decision in May, rules in favour of Rusal.
The dispute is part of a long-running battle for control of Nornickel, a $30-billion company that competes with Brazil's Vale for the rank of the world's top nickel producer. It is also the world's largest palladium producer.
Interros said in statement that it had bought a 2.1% stake from Abramovich, increasing its holding in the miner to 32.9%.
The purchase was made at a price of $234 a share, as set out in Potanin's initial offer to buy a stake from Abramovich in early February.
Nornickel's Moscow-listed shares were down 1% at 10 775 roubles ($189) a share on Thursday, underperforming a broader MICEX index which was stable.
It was unclear whether Rusal planned to buy the remaining 2% stake on offer from Abramovich.
Asked about its intentions on Thursday, Rusal told Reuters that it "is considering its options in light of ongoing litigation". Controlled by billionaire Oleg Deripaska, Rusal holds 27.8% in Nornickel.
According to the arrangement between the three parties reached in the London court last week, any transfer of this 4% stake by Abramovich would be reversed if the court rules in favour of Rusal in the dispute.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...
VISIT SHOWROOM
At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
