RusAl might consider increasing stake in Norilsk Nickel after restructuring of debt, no actual plans confirmed
ST. PETERSBURG. June 20 (Interfax) - Aluminum maker RusAl will have the option to consider buying shares in MMC Norilsk Nickel after the company restructures debt and removes restrictions set in creditor agreement. However, no final plans in this regard are in place.
RusAl owns a blocking packet in Norilsk Nickel while Vladimir Potanin's Interros holds around 30%. Both companies are in a long-standing corporate conflict. A short period of truce was set in a 2008 agreement for managing Norilsk Nickel. However, the agreement, in fact, is not in effect as both sides are now in court proceedings in London.
"To date, we haven't finished restructuring debt. This [acquiring] shares in Norilsk Nickel] is only a theoretical possibility. We can't do this now as we don't have the option. As soon as we finish the restructuring process with banks, we might consider this, but so far [there are no plans]," RusAl's first deputy CEO, Vladislav Solovyev, told Interfax.
"We're satisfied with the packet that we have now. If shareholders in RusAl want to expand it this is their decision and not that of RusAl itself," he added.
RusAl has twice received offer to sell its stake in Norilsk Nickel, first from Interros and the second from Norilsk Nickel itself. RusAl turned down both offers.