OREANDA-NEWS. January 16, 2009. The Russian state may get a share in a joint company of Norilsk Nickel, RusAl and Metalloinvest, if such a company is to be created. The companies’ debts to state banks might be converted into stocks.

The idea of establishing a joint company was discussed at a meeting between the owners of Norilsk Nickel, RusAl and Metalloinvest and President Dmitry Medvedev last Tuesday, a source told Russian paper Vedomosti. It was the president who initiated to the meeting, but the question about a joint company was raised by the owners.

The possibility for state capital entry in the company was also discussed at the meeting. State banks are major creditors to all three companies, and a merger could make it possible to convert dept into stocks.

No decision was made at the meeting on Tuesday, but the talks will continue in two weeks. In the meantime, the company owners will prepare models for a possible merger.

A combination of Norilsk Nickel with RusAl and Metalloinvest would create a rival to BHP Billiton, the world's biggest diversified metals producer.