Prokhorov Gives Up Nickel for Power
Mikhail Prokhorov will leave his post as general director of Norilsk Nickel not at the end of the year, as previously thought, but in the coming days. Norilsk Nickel is trying to distance itself from the large-scale acquisitions of energy assets planned by Prokhorov. Vladimir Potanin does not want to be involved in clashes with other influential contenders for the assets of RAO UES of Russia. Norilsk Nickel entered into the first such conflict when it acquires stock in OGK-3 recently.
The Norilsk Nickel board of directors considered general director and co-owner Prokhorov's resignation today. Prokhorov stated that the idea of resigning came to him about three weeks ago. A month ago, he said in an interview with Kommersant that he would stay until the end of the year. A source close to his recommended successor Denis Morozov confirmed that the personnel shuffled came unexpectedly.
This is the second step in the rapid split between Prokhorov and Potanin. The industrialists announced on January 31 that they would divide their business in April. Prokhorov, who was involved in a scandal at the French resort of Courchevel at New Year, is said to be considering marriage soon. Prokhorov himself denies those rumors, however. “Establishing a power management company is much more complex and laborious than I had assumed,” he said of his decision to leave Norilsk Nickel. “In addition, we clearly underestimated the internal conflict of interests that arise if I head Nornickel and a large power company at the same time. It is an obvious double standard and I have no right to work in such conditions. Vladimir Potanin understood those arguments and agreed with them.”
At Interros, they confirm that the main reason for Prokhorov's departure is a conflict of interests, but neither side was willing to specify the nature of that conflict. Prokhorov did say that the last straw was Norilsk Nickel's purchase of stock in wholesale electricity generator OGK-3 on March 9 for a record $3 billion, 15-17 percent above market price. Rumors that Prokhorov had made that deal against the advice of Potanin have been shown to be false.
Prokhorov recommended 33-year-old Denis Morozov to replace him. Kommersant has learned that Norilsk Nickel deputy general director Tav Morgan is also being considered, as are Viktor Tomenko, head of Norilsk Nickel's polar subsidiary, and his first deputy Evgeny Romanov. Morozov is described as independent and “charismatic.” His appointment will be considered by the Norilsk Nickel board today.
Norilsk Nickel's main competitor at the auction for OGK-3 was OOO Gazenergoprom. At the time of the auction, it was described as an affiliate of Gazprom, but Gazprom has since informed Kommersant yesterday that that is not the case. There are two such corporations registered in Moscow. One is headed by Alexey Khaskov and is fully owned by OOO Energoperspektiva, which Khaskov is also general director of. The head of OOO Korporatsiya Gazenergoprom is much better known. He is St. Petersburg industrialist Evgeny Malov, who is the partner in the oil business of co-owner of Russia Bank Gennady Timchenko. Two Kommersant sources familiar with the situation say that that was the company that competed for OGK-3. At the company itself, however, they declined to comment. Norilsk Nickel stock gained sharply in value after the announcement of Prokhorov's departure.
Renata Yambaeva, Ekaterina Grishkovets, Maria Cherkasova
All the Article in Russian as of Mar. 16, 2007
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