KRASNOYARSK. Feb 18 (Interfax) - The Krasnoyarsk territory's arbitration court will hear a suit brought by UC Rusal against MMC Norilsk Nickel challenging the divestment of the OGK-3 generating company for a stake in Inter RAO UES on March 18, a court spokesperson told Interfax.

The preliminary heating took place on February 18.

The court denied a request for injunctions.

Inter RAO is poised to acquire about 85% of OGK-3 shares, including 79.24% from Norilsk Nickel direct and roughly 6% currently held on OGK-3's balance sheet. The shares in OGK-3 would be exchanged for new shares in Inter RAO. Norilsk would receive 13%-15% of Inter RAO stock in a deal that Norilsk Nickel has estimated to be worth just over $2.27 billion.

Oleg Deripaska's EuroSibEnergo made a $2.1-billion cash offer for the OGK-3 stake.

Rusal has said its grounds for this suit are that the Norilsk board decisions are detrimental to the interests of the company and its shareholders. "The combined stake in OGK-3, worth 62.8 billion rubles, is being exchanged for a block of shares in Inter RAO that is worth just 60.5 billion rubles at average market prices. Also, and against the interests of Norilsk Nickel shareholders, the board ignored a rival bid for the OGK-3 shares from EuroSibEnergo, which would have been more advantageous. The difference between the price offered by EuroSibEnergo and the price at which the shares will be divested represents the losses that Norilsk Nickel will incur in the form of missed profit emanating solely from the decision by the majority of board members," Rusal has said.

Rusal believes the shares in OGK-3 are being divested at a discount. The rival offer would have given Norilsk cash, not a minority stake in a non-core enterprise, so the board's decision runs against the interests of Norilsk Nickel as a commercial entity, Rusal says.

Also, in keeping with generally accepted corporate practice, controlling stakes are always sold at a premium over the market, not at a discount as in the case with OGK-3, Rusal says. The aluminum company estimates the lost profit at 3.96 billion rubles, which is "not consistent with Norilsk Nickel's strategic development goals."

This is one of a number of lawsuits that Rusal has filed against Norilsk Nickel lately in Russia, the UK and St. Christopher & Nevis.

The High Court in London said yesterday that it had accepted a suit filed by Rusal on February 4 regarding the disclosure