RUSAL defers $700 mln to Prokhorov in Norilsk deal

MOSCOW, Oct 23 (Reuters) - Russian aluminium major RUSAL will defer a $700 million tranche to billionaire Mikhail Prokhorov for the purchase of his stake in mining giant Norilsk Nickel (GMKN.MM: Quote, Profile, Research, Stock Buzz) as it could not meet the Friday deadline. An official from Prokhorov's investment vehicle Onexim said on Thursday the counterparties had set a new deadline, but declined to give a new date. A RUSAL official confirmed the deal, but also declined further comments. RUSAL, the world's largest aluminium producer, is controlled by Russia's richest man Oleg Deripaska, who has been forced to divest a number of assets this month under the margin calls from bank lenders. The assets included stakes in Canadian car part maker Magna (MGa.TO: Quote, Profile, Research, Stock Buzz) and German builder Hochtief (HOTG.DE: Quote, Profile, Research, Stock Buzz) that were returned to lenders at steep discounts. As stock prices around the world have tumbled dramatically in recent weeks, margin calls have led to forced selling of assets at steep discounts. Deripaska, estimated by Forbes to worth $28.6 billion, has repeatedly argued that this valuation of his empire is wrong because it does not include the large debts assumed to amass assets from aluminium and oil to construction and food. RUSAL is alone estimated to be $14 billion in debt after it borrowed $4.5 billion from Western banks to fund the purchase of a one-quarter stake in Norilsk Nickel (GMKN.MM: Quote, Profile, Research, Stock Buzz) from Prokhorov. Prokhorov was due to receive a 14 percent stake in Rusal and an undisclosed cash sum, estimated at $7 billion. The biggest chunk has been already paid and the $700 million cash tranche had been due Oct. 24. After divesting Magna and Hochtief, Deripaska has said he would not unwind the Norilsk stake because he considered this investment strategic.