29 Dec 2010 12:12

Norilsk Nickel plans to sell Inter RAO stake 1.5-2 yrs after receipt

MOSCOW. Dec 29 (Interfax) - Russian mining and metals giant OJSC Norilsk Nickel plans to sell the Inter RAO share interest it receives when it sells genco OGK-3 in the year-and-a-half to two-year period following the stake's receipt, company President Andrei Klishash told the press.

"In a year and a half to two years Norilsk Nickel will make a strategic exit," Klishash said. Per the terms of the deal, the mining company will not be able to sell shares on the open market for the first year, he said. Inter RAO has assumed the obligation to go through listing procedures on international stock-trading floors in one and a half to two years' time. "Communication with the company demonstrates to use that these plans are realistic," he said.

Norilsk Nickel has put the value of the deal with Inter RAO at a little over $2.27 billion.