Russia's Potanin sells $600 mln assets to Norilsk unit

MOSCOW, Oct 13 - Russian billionaire Vladimir Potanin has sold $600 million worth of assets to the power unit of mining giant Norilsk Nickel , the unit said on Monday in a move that may deepen a spat between Norilsk owners. Norilsk's power unit OGK-3 said in a statement it had bought a stake of 25 percent minus one share in RUSIA Petroleum, which has a license in a major East Siberian gas field, for $576 million. The RUSIA Petroleum stake was either controlled or co-owned by Potanin. OGK-3 will also buy Potanin's 35 percent stake in U.S. fuel cell maker Plug Power Inc for $33 million. Potanin is a co-owner of Norilsk. OGK-3 did not say how it or Norilsk would pay for the assets at a time when Russian companies are facing an unprecedented liquidity squeeze amid the virtual closure of world capital markets. Norilsk is at a centre of a dispute between some of Russia's richest men including Potanin and Oleg Deripaska, a top shareholder in the world's largest aluminium producer United Company RUSAL. On Monday, RUSAL declined immediate comments but sources close to the company said the latest deal had not been cleared with RUSAL. RUSAL bought a stake of 25 percent in Norilsk earlier this year and has since then accused Potanin of mismanaging the firm and taking effective control of Norilsk, the world's largest nickel and palladium miner. In September, three of Norilsk's subsidiaries bought around 8.7 percent of its shares but RUSAL said the deal was unlawful and violated its shareholding rights. Potanin, who as of May 26 owned 29.8 percent in Norilsk, denies all allegations by RUSAL. Source: Reuters