Mikhail Prokhorov, right, brought to light the spring offer of Vladimir Potanin after Norilsk Nickel capitalization shed by a third.
Photo: Pavel Smertin
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ONEXIM Stages Provocation
ONEXIM Group of Mikhail Prokhorov came up with a sensational statement yesterday. It declared readiness to sell 16.6 percent in Norilsk Nickel to Interros Group of Vladimir Potanin, counting to generate $6.5 billion and 35.2 percent in Polus Zoloto from it. The market was at a loss all Tuesday, trying to guess how Prokhorov managed to amass that number of Norilsk Nickel stocks after selling a blocking stake in it to RUSAL. One of the stories is that Prokhorov has no stocks of Norilsk Nickel and ONEXIM’s statement is the continuation of information battle of former partners.
ONEXIM Group announced yesterday it consolidated 16.6 percent in GMK Norilsk Nickel for reselling it to former partner Vladimir Potanin. The deal is to be clinched under the offer made by Interros.
According to ONEXIM, Interros is ready to buy a stake in Norilsk Nickel based on the estimate of $10 billion ($315 per a stock). Of this amount, $6.5 billion is to be paid in cash and the remainder will be settled by 35.2 percent in Polus Zoloto currently owned by the firms of Vladimir Potanin. The deal is to be completed by November 15.
According to a source close to Prokhorov, Potanin made the offer far back in spring, i.e. when Prokhorov owned a blocking stake in GMK, which it then sold to Oleg Deripaska. The price corresponds to the market cost of 16.6 percent in Norilsk Nickel at that moment but is roughly 30 percent above its current value on the market.
ONEXIM might have accumulated the stake by buying the stocks on the market. But another story is that ONEXIM is selling the stocks of Oleg Deripaska’s RUSAL (where Prokhorov owns 14 percent). The standing of RUSAL in Norilsk Nickel is by far not advantageous. In time of the last sitting of BOD, Interros didn’t admit RUSAL representatives to Norilsk Nickel management and Potanin invited ex-chief of Rostourism Vladimir Strzhalkovsky (who is said to be the mate of Vladimir Putin) to become the general director of that company.
A source close to Interros says ONEXIM is acting on behalf of RUSAL to test the response of the market and of Vladimir Potanin to the possible sale of the stake to Interros.
Theoretically, Potanin’s company isn’t against the buyout of stocks, but it is a question of price, the source specified. Should it happen, Potanin that owns roughly 30 percent in Norilsk Nickel will have to make offer to all minority holders and deposit the amount equal to the worth of the stocks of all remaining holders of that company. But money isn’t the matter at stake. People in the company say, if needed, Potanin will meet liabilities along with the partners. One of them is Metalloinvest co-owner Alisher Usmanov.
www.kommersant.com
All the Article in Russian as of Aug. 06, 2008
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