Usmanov questions whether new Norilsk Nickel agreement will benefit all shareholders
MOSCOW. Dec 5 (Interfax) - The principal shareholders of MMC Norilsk Nickel did not discuss their new agreement with the Russian mining giant's largest minority shareholder, billionaire Alisher Usmanov's Metalloinvest.
"The agreement was reached privately, we did not participate in its discussion. We will be able express our views on the decisions that have been made when we will have full information about the agreements reached," Usmanov said in a statement through his representative in response to questions from Interfax.
"The main criterion for assessing the agreement will be Norilsk Nickel's work in the interests of all shareholders without exception. So far I am not sure that this principle will not be violated this time as well," Usmanov said.
On Tuesday, Rusal and Interros announced that they had reached a "principal agreement aimed to settle the shareholders' conflict and envisaging conclusion of an agreement between Interros, UC RUSAL and Millhouse [belongs to Roman Abramovich]."
"The parties have also agreed to call an Extraordinary General Meeting to elect a balanced Board, which will include the equal number of representatives from RUSAL and Interros, representatives from Millhouse and three independent directors. The Board is expected to be chaired by one of the independent directors, approved by all sides. At the EGM the Shareholders will also decide on changes to Company's charter, which will enable to consolidate the Norilsk Nickel group of companies and perform other actions aimed at strengthening of MMC's corporate governance," the companies reported.
"The Board will also decide on selling 7.3% of the Norilsk Nickel quasi-treasury stock to Millhouse at market price. The rest of the quasi-treasury stock will be redeemed," they said.
"To fulfill the partnership agreement, the parties will deposit approximately 22% of Norilsk Nickel shares to a nominated escrow account, contributing in equal parts. Millhouse will control the compliance with the partnership agreement while voting with this block of shares," the statement said.
Metalloinvest holds about 4% of shares in Norilsk Nickel. Until recently, Usmanov's business partner Farhad Moshiri held a seat on Norilsk Nickel's board of directors, but in June he was replaced by Stalbek Mishakov, an adviser to Rusal's CEO. Metalloinvest and Rusal were considered to be allies in the dispute with the alliance of Interros and Norilsk Nickel management.
