The world's top aluminum producer RusAl is using "greenmail" to get a higher price for its stake in Russia's largest nickel miner Norilsk Nickel by requesting an emergency shareholders' meeting, Norilsk Nickel said late on Thursday.
Earlier on Thursday, RusAl demanded an EGM to replace the Norilsk board, which it accused of planning to use company cash to buy Norilsk shares. The move followed last week's offer by Norilsk to buy RusAl's 25% stake for $12 billion. That offer is valid until 3 p.m., December 28.
"This action may be a way to haggle for as large premium as possible for its 25% stake in Norilsk, which Norilsk sent to UC RusAl on December 16," Norilsk said in a statement.
"UC RusAl may be using classic instruments of so-called 'greenmail' - corporate blackmail used either for a hostile takeover or a sale of shares at a higher price."
RusAl, controlled by billionaire Oleg Deripaska, who bought a quarter of Norilsk in 2008, claims the Norilsk board is dominated by officials linked with Interros, the investment arm of another Russian billionaire shareholder, Vladimir Potanin.
RusAl said it was worried that Norilsk management had signed a deal with Trafigura Beheer BV on a sale to it of American Depositary Receipts equaling about 8% percent of Norilsk's stock which happened simultaneously with the $12 billion offer.
RusAl said the deal had not been approved by the Norilsk board of directors, its details were murky and Trafigura may not be the end buyer of the shares, while a company friendly to Norilsk may have financed the purchase.
"UC RusAl is misinforming the public, saying the deal was of a non-cash character. Norilsk Nickel expects to receive profit from the deal, it is a cash deal and was done on market terms," Norilsk said.
It also said that RusAl wanted to prevent the board from discussing such important issues as the 2011 budget, a long-term production development strategy and discussion of a program to increasethe company's capitalization.
"We believe that UC RusAl's moves and a new request to hold an extraordinary shareholders' meeting pursue a concrete aim - to disrupt discussion of a number of questions that are important for the company and are scheduled for discussion at the next board of directors meeting," Norilsk said.
MOSCOW, December 24 （RIA Novosti）
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