Abramovich buys Norilsk stake to settle shareholder spat
- 15 security personnel killed as Naxals attack CRPF convoy in Chhattisgarh
- Missing Malaysia airline: Man travelling on stolen passport identified as Iranian
- Bhagwat cautions RSS cadres against crossing limits for BJP
- Narendra Modi's new found love for Bihar a ploy to win votes: Nitish Kumar
- Dalit teen canât pay to cheat in exam, immolates himself
Russia's RUSAL Plc said on Tuesday billionaire Roman Abramovich has agreed to buy 7.3 percent of Norilsk Nickel, a stake worth about $2 billion, in a move that is aimed at ending a four-year-old power struggle between the two biggest shareholders of the Arctic miner.
Reportedly, last month that Abramovich, the owner of Chelsea soccer club, may step up as a "white knight" to act as a buffer between Russian tycoon Vladimir Potanin, who owns 28 percent of Norilsk Nickel, and Oleg Deripaska, whose aluminium firm RUSAL owns 25 percent. RUSAL said Abramovich would acquire quasi-treasury shares of world's largest nickel and palladium miner, and that Potanin would become general director and be responsible for management of the company.
Potanin and Deripaska have been locked in a shareholder dispute since the latter's Hong Kong-listed RUSAL bought a one-quarter stake in Norilsk just before the 2008 global crash in a cash-and-stock deal worth around $14 billion. Loss-making RUSAL is now burdened by $10.7 billion in net debts, while Deripaska never won a real say on the Norilsk board and instead was overruled by Potanin, who launched a series of share buybacks with the backing of company management. RUSAL said the deal also ensures stability of dividends paid by Norilsk Nickel, which has a market value of nearly $30 billion, for the years 2012, 2013, and 2014.
Shares of RUSAL were down more than 2 percent at HK$4.47 in early trade, lagging a flat broader market, and much lower than its 2010 IPO price of HK$10.80.
- Eight held for ‘attacking’ Dalit wedding procession in Sabarkantha
- 90 airports on alert to check movement of cash ahead of elections
- Notices to 23 hospitals for withdrawing facility
- Sindhis threaten to move HC if Sindhu Sagar not cleaned
- In Mumbai, teacher’s love story with student ends in her arrest
- Govt dismisses AAP allegations
- AAP workers stage protest outside Kejriwal’s residence over ticket distribution
- BJP boycotts NDTV over news gaffe | The Indian Express
- Out of the promised 50,000 homes for the poor, not even 50 constructed in Gujarat by BJP: Kejriwal
- Kejriwal Gujarat tour: The unfamiliar politician | The Indian Express