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Norilsk Nickel Waits to Form Electric Co.
Russia will not have a major new electric company quite as soon as expected. Norilsk Nickel shareholders were unable to approve the formation of a new company around the energy assets of Energopolyus because of the position of Mikhail Prokhorov's ONEKSIM Group, which abstained from voting at Friday's shareholders meeting, thus blocking the decision. The delay caused the company to lose 4 percent of its value.
The decision to place Norilsk Nickel's energy assets in a separate company was unanimously approved by the company's board of directors on May 16. The division of assets among the company's co-owners Vladimir Potanin and Mikhail Prokhorov still retained the appearance of friendliness at that time. The new company was to receive stock packages in OGK-3, TGK-14, TGK-1, RAO UES of Russia, Kolenergosbyt, Kolsky Trunk Lines, Krasnoyarskenergosbyt, Krasnoyarskenergo, Tyvaenergo Holding and Krasnoyarsk Trunk Lines. Shareholders were to receive shares in the new company proportionate to their share in Norilsk Nickel.
Prokhorov became opposed to the idea by the autumn, however. He held a briefing on December 14 to explain his position. He said he thought it necessary to buy a number of additional assets as RAO is reorganized. Norilsk Nickel general director Denis Morozov stated after the shareholders meeting that the company did not see the possibility of additional energy acquisitions, however.
December 21 is the deadline for Potanin to respond to Prokhorov's offer to buy his 25-percent stake in Norilsk Nickel. If he agrees to it, the deal will take place on January 5. If he refuses it, Prokhorov will sell his share in the company to Rusal. The new lineup of shareholders will have to make a decision on the new energy company.
www.kommersant.com
All the Article in Russian as of Dec. 17, 2007
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