Russian billionaire Vladimir Potanin, one of the core shareholders of the world's top nickel producer Norilsk Nickel, says creation of a large mining company by a merger of the country's largest miners could still be on the cards, Kommersant business daily reported on Monday.
"The companies include Norilsk and Novolipetsk Steel ... Evraz Group, where shareholders helped the company including with capital investment, Severstal and Metalloinvest, whose shareholders have also led their firms through the crisis successfuly. Many of the companies are potentially interesting for the establishment of a larger company," said Potanin, head of the Interros investment firm
Potanin added that he did not rule out partnership with Metalloinvest owned by billionaire Alisher Usmanov, with whom he had held talks before the 2008 financial crisis.
"Metalloinvest is working successfully, Alisher Burkhanovich (Usmanov) has managed to solve problems he faced when the crisis started," Potanin told Vedomosti
Potanin did not mention the world's largest aluminum producer RusAl, the other Norilsk Nickel core shareholder, among companies he would want to merge Norilsk with.
RusAl and Interros, both holders of a quarter of Norilsk's shares, have been embroiled in a shareholder row after RusAl has lost one seat on Norilsk's board at a June annual general meeting, while Interros increased its representation. RusAl has accused Interros of ruining the parity and the board of directors of a vote fraud.
RusAl initiated an emergency shareholders' meeting to contest the AGM results, but shareholders voted against board re-election on October 21.
On Friday, Interros sent a letter to RusAl proposing it buy its stake in Norilsk for $9 billion. RusAl rejected the idea, saying its interest in Norilsk was strategic.
Kommersant said that Potanin and RusAl's owner Oleg Deripaska would meet to discuss the issue on Monday.
MOSCOW, October 25 (RIA Novosti)
