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Rusal offers to buy blocking share in Norilsk
Published: 24 November, 2007, 02:31
Production at Norilsk Nickel plant
Aluminum giant Rusal says it’s ready to buy Mikhail Prokhorov's 25 per cent plus one share in Norilsk Nickel. The deal will see Prokhorov's Onexim group receive an 11 per cent stake in Rusal and an undetermined cash payment.
Norilsk Nickel is the world's largest nickel miner, but earlier this year its two main shareholders Prokhorov and Vladimir Potanin announced plans to divide their assets.
This week Potanin, who runs Interros and owns 25.5 per cent of Norilsk Nickel, made a formal offer to buy out his former partner's share. On Thursday, Prokhorov said he was ready to sell his stake for $US 15.7 billion. Onexim's 25 per cent plus one share represents a blocking stake in Norilsk Nickel.
According to a Rusal statement, if the price is not acceptable to Potanin, then Rusal are prepared to buy the stake at the quoted price. Meanwhile, Potanin's Interros has 45 days to decide on Onexim's offer.
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