Splitting EnergoPolus out of GMK Norilsk Nickel is generally viewed one of the key components of dividing the business of Vladimir Potanin and Mikhail Prokhorov, left.
Photo: Valery Melnikov
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Prokhorov Won’t Let Energy Out Of Norilsk Nickel
Splitting EnergoPolus off GMK Norilsk Nickel is generally viewed one of the key components to divide the business of Vladimir Potanin and Mikhail Prokhorov. Nowadays, however, Prokhorov’s ONEXIM Group doubts expediency of the project and may vote against the reorganization at December meeting of holders.
When the division of Potanin-Prokhorov business was announced early this year, Potanin was said to get Norilsk Nickel under control, while Prokhorov was to accumulate, amid other assets, the company with energy assets of GMK.
GMK’s BOD will meet November 2 to determine procedures for splitting off the energy assets to EnergoPolus, said Dmitry Usanov, director of investors’ department at GMK Norilsk Nickel. The EGM that is to approve setting up EnergoPolus is slated for December 14, and the company’s creation is due to complete by March 2008.
But the process will probably delay. Prokhorov’s ONEXIM Group may vote against setting up EnergoPolus at the EGM. “We won’t, perhaps, back up splitting off the energy assets,” Dmitry Razumov, who is the general director at ONEXIM Group, announced Friday. ONEXIM owns 25 percent in Norilsk Nickel and Prokhorov controls another 4 percent via KM-Invest, which is his joint undertaking with Potanin. Usanov confirmed that splitting off energy assets calls for the majority of 75 percent.
Norilsk Nickel currently owns 27.8 percent in TGC-14 (Wholesale Generating Company-14), 8 percent in TGC-1, but WGC-3 (Wholesale Generating Company-3) is its key asset. GMK owns there 65.15 percent and will get another 14 percent once RAO UES of Russia is dissolved next summer.
According to Razumov, ONEXIM “isn’t completely satisfied” with the strength of EnergoPolus assets. The initial plans were to contribute to it the majority stakes in at least two TGCs in addition to the majority stake in WGC-3 “to create a diversified company and ensure the synergy from consolidating wholesale and heating generation.” Prokhorov hoped to step up the stakes in a number of TGCs by swapping the stocks between RAO UES minority holders and the government (GMK owns 3.5 percent in RAO UES), but Norilsk Nickel has extended only in WGC-3 since summer.
www.kommersant.com
All the Article in Russian as of Oct. 29, 2007
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