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Deripaska rejects sale of Abramovich-held Norilsk Nickel shares to Potanin

In proceedings to determine control of PJSC Norilsk Nickel Co., Oleg Deripaska told a court in London that he will not agree with the sale of shares in the miner by Roman Abramovich to Vladimir Potanin, the Financial Times wrote May 14.

Deripaska-controlled United Co. Rusal PLC is seeking to block Abramovich from selling a 3.99% interest to Potanin for US$1.48 billion, arguing it violates an earlier shareholder agreement.

Rusal holds a 27.8% shareholding in Norilsk Nickel, while a 30% stake is held by Potanin through Interros Group.

A dispute between the two Russian oligarchs was settled in 2012, which saw Abramovich, through his fund Crispian Investments, acquire a 6% interest in Norilsk Nickel for five years. The agreement concluded in December 2017.

Deripaska argued that a sale by Abramovich to Potanin will shift the balance of ownership between Interros and Rusal.

In mid April, Potanin rejected the idea of activating a "shoot out" scenario to end a dispute over the controlling stake in Norilsk Nickel.