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Norilsk Nickel shareholders reach provisional deal on stake sale

Roman Abramovich's Crispian Investment Ltd. conditionally agreed to sell a 4% interest in PJSC Norilsk Nickel Co. to Vladimir Potanin's Whiteleave Holdings Ltd. and United Co. Rusal Plc, Reuters reported March 8, citing a lawyer for Rusal.

Oleg Deripaska, the owner of Rusal who has a 28% stake in Norilsk, is seeking to block Potanin from increasing its Norilsk stake from the current 30% through a legal action in London.

Rusal believes that under a previous shareholder agreement, Crispian is not entitled to sell its share in this way.

Under the provisional deal, Crispian will off-load Norilsk Nickel shares to Potanin and Rusal in proportion to their existing holdings in the Russian firm.

The share transfer, however, will be reversed if Rusal wins the court ruling in the dispute.

Potanin is expected to complete the purchase of a 2% stake in Norilsk from Abramovich in the week of March 12.

The hearing over the share sale is set to begin May 14 unless the parties appealed for a delay by April 13.

Rusal did not respond to the newswire's requests for comment.