Russian Regulator Approves Rusal Buying 29% +1 Shr In Norilsk

MOSCOW (Dow Jones)-Russia’s Federal Antimonopoly Service, or FAS, said Thursday it had approved Russian aluminum producer United Co. Rusal’s purchase of a 29%-plus-one-share stake in OAO Norilsk Nickel (GMKN.RS).

Rusal has agreed to buy 25% of Norilsk from tycoon Mikhail Prokhorov. Local media have speculated that it has also bought as much as 5% in additional stock on the open market.

Rusal has said it would like to take control of Norilsk by buying more shares from Prokhorov’s former business partner Vladimir Potanin.