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Potanin seeks to buy RUSAL's Norilsk stake -paper

Thursday, Jun 25, 2009
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MOSCOW, June 23 (Reuters) - Russian billionaire Vladimir Potanin is seeking control of metals giant Norilsk Nickel as he wants to buy 25 percent in it from tycoon Oleg Deripaska's UC RUSAL, a newspaper reported on Tuesday. Potanin told Vedomosti business daily he would be interested in raising his stake from the current 25 percent. The newspaper also quoted a source close to Potanin's holding company, Interros, as saying Potanin may seek a partner to buy Deripaska's stake, possibly with the owners of either potash miner Uralkali or coal miner SUEK. The newspaper said Potanin had already held consultations with the government but had yet to approach RUSAL itself, which said it does not intend to sell the stake. Interros and RUSAL were not immediately available for comment. Both Potanin and Deripaska were forced to put up their stakes in Norilsk as collateral with Russian state banks that helped them repay large foreign debts last year. RUSAL took a $4.5 billion loan from state bank VEB, which now has 25 percent in Norilsk as collateral. This month, VEB extended the maturity date on RUSAL's loan by one year. Potanin has also been reported to have pledged as collateral a big chunk of his holding in Norilsk with state-controlled VTB in exchange for a $3 billion loan.

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