RUSAL wants state to have four seats at Norilsk

MOSCOW, Nov 13, 2008 (Reuters via COMTEX) -- UC RUSAL, the world's largest aluminium producer, said on Wednesday it wants four government officials to join Norilsk Nickel's board and have a bigger say than any other shareholder. RUSAL has put up its 25 percent stake in Norilsk as collateral with the government against a $4.5 billion loan, a move that helped it refinance loans with Western banks. On Wednesday, it said it also wanted three representatives from RUSAL, three independent directors and three representatives of another major shareholder, Interros, to join the board due to be elected at the next shareholders meeting in December. RUSAL is at odds with Interros over Norilsk's management and development strategy.