Norilsk Nickel ready for buy-out
Published: 07 December, 2007, 08:37
The general director of metals giant Norilsk Nickel says the company will continue to run as normal, even after a change at the top.
The company's two main shareholders, Mikhail Prokhorov and Vladimir Potanin are currently in the process of splitting their assets. Potanin and another metals company, Rusal, are both bidding for Prokhorov's 25% stake.
Norilsk Nickel's market capitalization has risen 40% since the start of the year, reaching $US 40 billion and it's keen to keep production levels up.
The company's General Director, Denis Morozov, says it is hiring legal and financial consultants to protect its interests and those of its minority shareholders during any share transaction.
“The possible change in ownership of Norilsk Nickel is not news, it was known from the beginning of the year.
Prohorov is looking for a buyer for his stake. Potanin is interested in keeping the company together, and talks with Rusal are also well known,” Morozov said.
Morozov added that his team were focusing on the job at hand.
But for us, the management, the changes are not unexpected and we are doing everything to keep the company operating as normal," he said.
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