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Potanin, Usmanov to spin off $7 billion of non-core power assets from Norilsk Nickel

Monday, Jun 02, 2008
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Vladimir Potanin, the largest shareholder in Russian miner Norilsk Nickel, and Russian tycoon Alisher Usmanov agreed to establish a global mining and metals giant on the basis of their assets, combining with inviting a third billionaire Oleg Deripaska, owner of the world’s largest aluminum producer United Company RUSAL. Potanin has a 30 percent stake in Norilsk, and Usmanov has a 50 percent stake in Russia's largest iron ore miner and leading steel producer Metalloinvest. “I am in favor of spinning off the $7 billion of non-core power assets, they are hanging our balance without creating value, they should be split or sold, and I prefer spin off.”, said Potanin. United Company RUSAL recently bought a 25% stake plus two-share Norilsk from Mikhail Prokhorov, Potanin's former business partner. Prokhorov retained a holding in Norilsk as he received 14 % of UC RUSAL in exchange for his stake together with an undetermined sum of cash. COPYRIGHT All rights reserved. The copying, republication or redistribution of WAM News Content, including by framing or similar means, is expressly prohibited without the prior written consent of WAM.

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