Norilsk Nickel not rushing to sell Inter RAO stake
MOSCOW. Dec 4 (Interfax) - MMC Norilsk Nickel will not rush to sell its 11%-stake in electricity holding Inter RAO UES , the Arctic mining and smelting giant's deputy CEO, Andrei Bugrov, told Interfax.
"It has been decided that the non-core asset will be sold. But it won't be sold in a rush. We want fair value for it. We aren't hurrying anywhere. We'll see what happens in the market. We'll sell at a good moment," Bugrov said.
Bugrov said the asset had already been valued, but he did not name any figures.
"It [the stake] has a market valuation. There are several other aspects that are needed to structure the deal. We're doing our homework," Bugrov said. "I'm not aware of any negotiations," he said.
Inter RAO's market cap has fallen sharply this year: it was 117.6 billion rubles at the end of Q3, 45% lower than at the end of last year, the company said in a quarterly report.
Norilsk Nickel's strategy involves disposing of non-core assets and on its main production sites. The stake in Inter RAO is the company's biggest non-core asset. Proceeds from its sale will be paid to Norilsk Nickel shareholders as special dividends. The overall special dividend, including dividends sourced from the sale of overseas assets, is estimated at $1 billion.