Rusal Closes Purchase Of 25% Norilsk Nickel Stake

MOSCOW (Dow Jones)-Russian aluminum giant United Co. Rusal Thursday said it has closed the acquisition of 25%-plus-one-share of OAO Norilsk Nickel (GMKN.RS), in a deal that will create one of the world’s top five miners by production and valuation.

Rusal, controlled by Russia’s richest man Oleg Deripaska, has purchased the stake from Mikhail Prokhorov’s Onexim Group after several months of speculation as to whether the merger would be completed. Norilsk’s management opposed the sale.

Onexim has received a 14% stake in Rusal for the sale of its Norilsk shares, plus cash, Rusal said in a press release.

Rusal also said it has nominated four candidates to Norilsk’s board, including billionaire Viktor Vekselberg, Oleg Deripaska and Rusal’s Chief Operating Officer Alexander Bulygin.

Norilsk Nickel’s shareholders are to vote on the candidates at their annual meeting in June.

The acquisition has already been approved by Russia’s Federal Antimonopoly Service, or FAS.