UC Rusal to ask regulators to investigate Interros's Norilsk Nickel stake plans

MOSCOW (Thomson Financial) - United Company Rusal (UC Rusal) said it will request Russia's Federal Financial Markets Service to determine whether plans by Interros to increase its stake in JSC MMC Norilsk Nickel violate Russian shareholder law. Onexim Group on Tuesday said it would sell a 16.66 percent stake in Norilsk Nickel to Interros for $6.5 billion in cash and a 35.2 percent stake in OJSC Polyus Gold. 'UC RUSAL, which owns a 25 percent 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,' the Russian aluminium giant said in a statement. UC Rusal believes that Interros's Norilsk Nickel stake after the acquisition will exceed 30 percent, which, according to Russian shareholder law, would require it to make a formal takeover offer for the company. UC Rusal also said that voting at this year's annual general meeting indicated Interros already has exceeded the 30 percent threshold without making a formal takeover bid. 'This is a breach of Russian legislation and minority shareholders rights,' the statement said. '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.'