Morozov Criticizes UC Rusal’s Takeover Plot

Denis Morozov, chief executive officer of Norilsk Nickel, criticized the takeover offer from the united company Rusal in an interview by Vedomosti. ‘If a company or its shareholder declares openly to acquire a listed company within unofficial intention in a country that has a sound set of legal system, it should be prohibited。’, said Morozov in the interview, referring to Rusal’s purchasing on 25% shares of Norilsk Nickel as its first step in acquiring the latter. ‘Such declaration will bring about fluctuation in stock prices.’ He added. Two billionaires Vladimir Potanin and Mikhail Prokhorov, who own Norilsk Nickel, intended to split their assets late last year after the increasing discord between them. However, Potanin didn’t raise enough funds to buy the 25% shares, UC Rusal therefore intervened into the deal, stating it will buy the stake. Norilsk replied the offer calmly, noting any listed company will oppose such motive to be responsible for its shareholders, and there is no exception for Norilsk.