Russian oligarch eyeing Deripaska's Norilsk stake

MOSCOW (AFP) – Russian billionaire Vladimir Potanin is aiming to buy out the 25 percent stake owned by fellow oligarch Oleg Deripaska in the world's biggest nickel producer, Norilsk Nickel, reports said. Potanin already owns a 25 percent stake in the company and the purchase of another 25 percent owned by Deripaska's UC Rusal aluminium firm would give him control of half the company. The Vedomosti and Kommersant newspapers said UC Rusal has not given an indication it is willing to sell the shares but said Potanin had already been in talks with key players, including the government, on the issue. Potanin, who owns the Interros holding company, told Vedomosti that the purchase of the UC Rusal stake in Norilsk Nickel would be an interesting transaction for him which could be examined. Deripaska, who has lost his status as Russia's richest man amid the global financial crisis, bought the 25 percent stake in Norilsk Nickel in April last year when its share price was still riding high. Ironically, the man he brought the stake from, Mikhail Prokhorov, is now Russia's richest man. Potanin's fortune is estimated at 2.1 billion dollars by Forbes magazine, making him Russia's 19th richest man. Currently, UC Rusal's 25 percent stake in Norilsk Nickel is parked with Russian state bank VEB as collateral for a 4.5-billion-dollar loan the bank extended to the heavily-indebted aluminium producer. Potanin and Deripaska last year formally ended a months-long battle for control of Norilsk Nickel which had paralysed decision making at the company.