Mikhail Prokhorov's ONEKSIM Group has sold its 25% plus one share stake in Norilsk Nickel to Rusal. The aluminum holding has now become not only the second largest majority shareholder in the mining and metals company after Interros, but is also able to block the possible merger between Norilsk Nickel and Metalloinvest.
Rusal agreed the purchase of a blocking stake in Norilsk Nickel from Mikhail Prokhorov's ONEKSIM Group last November, when it became clear that the process to divide the assets between the former business partners Vladimir Potanin and Mikhail Prokhorov was dragging on. This, apparently, did not suit ONEKSIM's owner, and he decided to force events, finding an alternative and, more importantly, wealthy buyer - Oleg Deripaska.
In the best traditions of Russian partisans, Mikhail Prokhorov maintained stoic silence about the deal with the Rusal. Even today, when he spoke at the presentation of his new Zhivi! media project and was forced to comment on questions as to whether he had completed the sale of the 25% plus one share stake in Norilsk Nickel to Rusal, journalists only drew from him the sarcastic response: "I do not know such a company [Norilsk Nickel]. I need to go to the office to understand this [whether the transaction is closed]."
The transaction is closed. Mikhail Prokhorov has received money, 14% of new shares and a seat for his representative on Rusal's board of directors. The parties are not disclosing the cash component of the transaction, but it was previously estimated at 7-8 billion dollars.
Norilsk Nickel's management, which until very recently was discussing the possibility of a merger with Metalloinvest on the approval of the board of directors and Interros, publicly expressed its pleasure at Rusal becoming a shareholder in the company. "On behalf of Norilsk Nickel's management I would like to welcome Rusal as a major shareholder in our company. The acquisition of such a significant stake once again testifies to the investment appeal and good prospects for the further development of the company," Norilsk Nickel's general director, Denis Morozov, is quoted as saying in a company report.
Now, the breakdown in Norilsk Nickel is thus: Vladimir Potanin owns a 30% stake; Oleg Deripaska has a blocking stake; and the rest are minority shareholders. Apparently, Russia's oligarchs will not make the decision on what fate awaits Norilsk Nickel. Perhaps, Vladimir Potanin got the answer to this question when he met with President Vladimir Putin in the Kremlin today.
Ali Aliyev
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