Warring oligarchs bring their battle for nickel mines to shareholders in London
Sunday 23 November 2008
Russian oligarchs Oleg Deripaska and Vladimir Potanin will continue their battle for control of Norilsk, the world's biggest nickel producer, with investor roadshows in London and New York.
Executives at Mr Potanin's Interros, which holds nearly 30 per cent of Norilsk, will start their roadshow on Wednesday ahead of an extraordinary general meeting called by Rusal for 26 December. Rusal, the aluminium producer in effect controlled by Mr Deripaska, will meet investors the following week. It owns 25 per cent plus two shares of Norilsk.
Mr Deripaska wants to merge Norilsk and Rusal to create a Russian mining champion, but Interros disputes the value of the deal to shareholders.
Rusal has called the EGM to elect a new board of directors. It is likely that the board will be made up of three directors from each major shareholder, three independent directors, three from the Kremlin and a chairman.
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