GMK Norilsk Nickel has set to preparing the merger with Gazmetall holding of Alisher Usmanov, on the photo, in an effort to oppose the hostile takeover by Rusal.
Photo: Stanislav Tihomirov
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Norilsk Nickel to Be Melted Down
GMK Norilsk Nickel has set to preparing the merger with Gazmetall holding of Alisher Usmanov in an effort to oppose the hostile takeover by Rusal. What’s more, the firms of Alisher Usmanov have bought out 3 percent to 4 percent in Norilsk Nickel to control roughly 30 percent in it jointly with Vladimir Potanin and get an advantage over Rusal. Rusal is completing the deal to buy out 25 percent plus a stock in Norilsk Nickel from Potanin’s former partner, Mikhail Prokhorov.
The BOD of GMK Norilsk Nickel backed up past Friday the plan of actions for the merger with Metalloinvest that manages assets of Gazmetall holding, GMK Norilsk Nickel General Director Denis Morozov said specifying that UBS is the deal’s consultant but not giving the date for due diligence completion.
People in Metalloinvest confirmed the start of negotiations but declined to elaborate. A source in Gazmetall said the company’s consultant is Dresdner Kleinwort, which officially initiated the deal past week.
So, Norilsk Nickel has turned into the battlefield. Alisher Usmanov, who owns 50 percent in Gazmetall that is friendly to Vladimir Potanin (roughly 26 percent in Norilsk Nickel), is opposed by Oleg Deripaska’s United Company Rusal, which was attracted by ONEXIM Group President Mikhail Prokhorov, ex-partner of Potanin. Rusal is to complete the deal for buying out 25 percent plus a stock in Norilsk Nickel by late March.
Meanwhile, Alisher Usmanov is said to have bought 3 percent to 4 percent in Norilsk Nickel and Vladimir Potanin has extended his stake in the company to directly control 26 percent to 27 percent in it (he owns around 8 percent in Norilsk Nickel jointly with Prokhorov via KM Invest). Therefore, Potanin and Usmanov control roughly 30 percent in Norilsk Nickel and the standing of KM Invest General Director Rafael Akopov is yet unclear.
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All the Article in Russian as of Mar. 03, 2008
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