Interros, Rusal close sale of 5.87% of Norilsk Nickel to Millhouse
MOSCOW. April 25 (Interfax) - Vladimir Potanin's Interros has completed a deal to sell some shares in Russian mining giant Norilsk Nickel to Crispian Investments Limited, a company affiliated with billionaire Roman Abramovich, Interros said on Thursday.
Interros is selling Crispian 5,420,464 shares in Norilsk Nickel, equivalent to 2.84% of charter capital before cancellation of quasi-treasury stock. The price was agreed earlier in an agreement between Interros, Rusal and Abramovich's Millhouse at $160 per share, which is 0.6% higher than the current price of the shares on the Moscow Exchange .
Abramovich's company is buying another 2.03% of Norilsk Nickel shares from Rusal. A source close to one of Norilsk Nickel's major shareholders said Rusal has also completed the deal with Millhouse. A representative of Rusal confirmed this.
Crispian's stake in Norilsk Nickel following these transactions and the cancellation of all quasi-treasury stock will be 5.87%.
In addition to its shares, Abramovich's company will get the right to vote with 15% of shares owned by Interros and Rusal held in an escrow account. Millhouse will therefore control about a 20% voting stake.
Following the deals with Millhouse and cancellation of all quasi-treasury stock, Interros will own 30.3% of Norilsk Nickel, Rusal will have 27.8%, Millhouse will own 5.87% and Metalloinvest will have 5%.