Norilsk Nickel reduces stake in Inter RAO to 9.995% from 10.08%
(first para adjusted)
MOSCOW. July 23 (Interfax) - Norilsk Nickel has reduced its stake in Inter RAO UES to 9.995% from 10.08% previously, Inter RAO said in a statement.
Inter RAO was notified of the change on July 22.
Norilsk acquired 14.2% of shares in Inter RAO at the beginning of 2011 in exchange for its 83% stake in OJSC OGK-3, which was transferred to Inter RAO. The stake was diluted when Inter RAO subsequently issued supplementary shares. Norilsk was subject to a lockup period on the stake that expired in mid-2012. At that time, Norilsk was in no hurry to sell due to a decline in the price of the shares. In 2013, the metals giant adopted a new strategy stipulating divestment of non-core assets, including the Inter RAO stake.
A final decision on sale of the stake will depend on the market situation, Norilsk CFO Sergei Malyshev said in May.
