Rusal Plans To Buy Added 2% Stake In Norilsk Nickel

MOSCOW (Dow Jones)-Russian aluminum giant UC Rusal said Tuesday that it intends to purchase an additional 2% in the world largest nickel producer, OAO Norilsk Nickel (GMKN.RS), from KM Invest.

Rusal sent an official letter to the chief executive of KM Invest, the aluminum giant said in a statement.

On Dec. 19, the board of directors of KM Invest made the decision to sell up to 2% of its stake in Norilsk Nickel.

KM Invest manages the joint assets of Interros partners Vladimir Potanin and Mikhail Prokhorov. The KM Invest board has approved the sale of one-quarter of KM Invest’s 8% holding Norilsk.

Rusal last Friday acquired a 25% plus one share stake in OAO Norilsk from Prokhorov.
The market capitalization of Norilsk has risen 40% since the start of the year to about $40 billion.