Metalloinvest not planning to sell Norilsk Nickel stake, but might increase it - Usmanov
MOSCOW. Dec 21 (Interfax) - Alisher Usmanov's iron ore and steel holding OJSC Metalloinvest is not planning to sell its 4% stock interest in Russian mining giant Norilsk Nickel , but is not ruling out increasing the stake if the company's future operating results are positive, Usmanov said during a Russia 24 television interview.
"We are not now planning to sell it. To increase it - I cannot say, we'll decide. All depends on moods and the market. If Norilsk Nickel shows the excellent results those in control over the company are hoping for, then why not buy more?" Usmanov said.
"We have never tried to increase it [the stake's role in voting on the board of directors]. Our stake has always been used by both shareholders when they needed to. And we are always ready to help - at first one, then the other. We have always had the goal of them being together and working normally. We simply do not want to be part of anything that smells of the 1990s and oligarchic collusion," he said.
Usmanov reiterated that he had taken no part in the negotiations between the major shareholders, who concluded an agreement pertaining to Norilsk Nickel management this month. The future of Norilsk Nickel, he said, is the responsibility of the company's majority shareholders, and "they will carry it in front of all shareholders." "I think everything should come out right for them. They and everyone have a strong need for money. And that usually brings business together," Usmanov said.
Asked how he evaluates the agreement to increase Norilsk Nickel dividends, he responded, "If these dividends don't harm the company, we're satisfied."
"Norilsk Nickel, like Gazprom , is an asset of the people. This people's asset needs to be dealt with honestly. For some this is a privilege - to be a Norilsk Nickel shareholder. Some have bought, like [Oleg] Deripaska and we, on the market. And some have the privilege granted by fate. Their consciences should awaken. If that happens, then Norilsk Nickel will have brilliant results," Usmanov said. "The company has already suffered sufficiently from the will of the major shareholders," he said.
Commenting on Roman Abramovich's Millhouse's input into Norilsk Nickel capital, Usmanov said, "Welcome to all shareholders, especially such respected [ones] as Roman Arkadevich Abramovich. He does not walk alone now, he is always with someone, in this case, with his partner." "What this will bring the company, we'll see," he said.
The idea for the creation of a mining and metals holding based on the unification of Norilsk Nickel and Metalloinvest is not under discussion at this time, although for him personally it is still alive, Usmanov said. "They [Norilsk Nickel majority holders] are not interested. Love cannot be forced. We don't go where we're not wanted," he said.
Interros, Russian Aluminum (Rusal), and Millhouse concluded an agreement this month to end the shareholder conflict at the company. Interros chief Vladimir Potanin, in line with the agreement, assumed the post of Norilsk Nickel's general director. The agreement also had Millhouse buying 5.87% of the mining giant's shares from Interros and Rusal, dividends rising to 50% of Norilsk Nickel EBITDA (earnings before interest, taxes, depreciation, and amortization), the settlement of all Interros and Rusal disputes, parity for the majority holders on the company board of directors, and a five-year lock-up on the sale of Norilsk Nickel stock by parties to the agreement. Around 20% of the Norilsk Nickel stock will be put by the three signatories into trust, and Millhouse will enjoy the voting rights this stake confers. Millhouse will also nominate a chairman for the board of directors (who might be Abramovich's partner at Russian steel major Evraz Alexander Abramov).
Commenting on the agreement, Usmanov said he doubts that Norilsk Nickel, in its new configuration, will be operating in the interests of all shareholders. The agreement was reached "privately," he said.
Interros organizations now hold 28.08% of the mining company's stock, and Rusal has 25.13%. A quasi-treasury stake amounts to about 17% and will be fully cancelled. After that happens Interros will have a 30.3% stake and Rusal - 27.8%.