OREANDA-NEWS. On 5 August 2008 the ONEXIM Group released a statement announcing that it was about to complete the consolidation of a 16.66% stake in Norilsk Nickel and to sell this stake to Vladimir Potanin under the terms of an irrevocable offer.  UC RUSAL, which owns a 25% plus two shares stake in Norilsk Nickel, believes that Interros and Vladimir Potanin must clarify the situation and requests for the involvement of the Federal Financial Markets Service.

According to the released information, Vladimir Potanin’s Interros plans to buy a 16.66% stake in Norilsk Nickel from ONEXIM Group.  When this deal is completed, Vladimir Potanin’s Interros could get control over a stake exceeding 30% and, according to Russian Federation legislation, will be obliged to make an offer and purchase the shares of the other shareholders of Norilsk Nickel. 

Moreover, there are a number of factors, including the results of the voting at the Annual General Meeting of Norilsk Nickel’s shareholders, that indicate that Interros already controls a stake in Norilsk Nickel exceeding 30% and yet has not made a mandatory offer to minority shareholders to buy out their shares.  This is a breach of Russian legislation and minority shareholders’ rights.  We believe it is necessary that the Federal Financial Markets Service holds a detailed inspection of the shareholding structure of Norilsk Nickel to investigate the above-mentioned violations of the legislation and to protect the rights of minority shareholders.

UC RUSAL, as a shareholder of Norilsk Nickel, therefore believes that the Interros and Vladimir Potanin must clarify the situation as well as provide information about the terms that will be offered to minority shareholders during the mandatory buy out of shares.