Rusal again postpones shareholder approval of Norilsk Nickel deal to March 31
MOSCOW. Jan 30 (Interfax) - Russian aluminum company UC Rusal has again postponed the date by which it is to send a circular to its shareholders, who must approve a contract signed in December 2012 with majority shareholders of MMC Norilsk Nickel , to March 31, 2014, the company said in a statement.
Rusal had previously planned to send the circular to shareholders by March 31, 2013, but then changed the date to May 31, followed by June 30, August 31, September 30 and November 30, 2013. In its last statement on the issue, Rusal said it intended to send the circular by January 31, 2014.
Rusal has said that the circular will in no way affect the deal and is just a part of internal corporate procedure.
At the end of April, Vladimir Potanin's Interros completed a deal to sell shares in Norilsk Nickel to billionaire Roman Abramovich's Crispian Investments Limited. Crispian's stake in Norilsk Nickel following the transaction and the cancellation of all quasi-treasury stock is 5.87%.
In addition to its shares, Abramovich's company will gain the right to vote with 15% of shares owned by Interros and Rusal held in an escrow account. Crispian will therefore hold a 20% voting stake.
Following the deal with Abramovich and the cancellation of all quasi-treasury stock, Interros holds 30.3% of Norilsk Nickel, Rusal - 27.8%, Crispian - 5.87% and Metalloinvest - 5%.
