Billionaire Vladimir Potanin's Interros Group will acquire a 2.1% stake in Russian mining giant PJSC Norilsk Nickel Co. from Roman Abramovich's Crispian Investments Ltd., Interros said March 15.
The deal boosts Potanin's stake in Norilsk to 32.9%, compared to the 28% share held by Oleg Deripaska, the billionaire owner of United Co. Rusal Plc who has sought to block a deal between Abramovich and Potanin in a London court.
"Rusal is considering its options in light of ongoing litigation," a spokeswoman from Rusal told S&P Global Market Intelligence.
Rusal maintains that it is illegal for Crispian Investments to sell off its share in such a way, according to a shareholder agreement that was struck in 2012.
The agreement included a lock-in period during which the three parties were not allowed to sell their shares. The lock-in period expired at the end of 2017, prompting Abramovich to offer up his stake for sale, reigniting the shareholder dispute.
Last week, Crispian Investment Ltd. conditionally agreed to sell a 4% interest in Norilsk to Vladimir Potanin's Whiteleave Holdings Ltd. The share transfer will be reversed if Rusal wins the court ruling in the dispute.
