Onexim issued a statement on August 5 saying it had consolidated a stake of 16.66% in Norilsk Nickel and offered to sell it to Interros chief Vladimir Potanin for around $10 billion.
UC RusAl, the world's largest aluminum producer and the holder of 25% plus two shares in Norilsk Nickel, said the offer ran counter to Russian legislation on joint stock companies, and asked the Federal Service for Financial Markets to intervene.
"According to the released information, Vladimir Potanin's Interros plans to buy a 16.66% stake in Norilsk Nickel from Onexim Group. When this deal is completed, Vladimir Potanin's Interros could get control over a stake exceeding 30% and, according to Russian Federation legislation, will be obliged to make an offer and purchase the shares of the other shareholders of Norilsk Nickel," RusAl said.
According to RusAl, some factors, including the results of voting at a general meeting of Norilsk Nickel shareholders, show that Interros already controls a stake of over 30% in Norilsk Nickel but has not made an obligatory repurchase offer to minority shareholders, breaching their rights and Russian law.
RusAl demanded that Interros and Potanin clear up the situation and provide detailed information on the terms that will be offered to minority shareholders in the process of the share repurchase.
