Norilsk Nickel, the world's top nickel producer, is giving 8.5 percent of its shares to its pension fund ahead of the company's extraordinary general meeting on October 21, Norilsk Nickel General Director Vladimir Strzhalkovsky said on Wednesday.
The shares would give staff and all organizations of the pension fund a better chance to influence the company's policy through their representatives on the board of directors, Strzhalkovsky said.
"We are giving shares to the pension fund to work out a voting policy. The fund has established a coordinating committee, which includes all trade unions," Strzhalkovsky told Reuters' annual summit.
The fund, which previously held just one percent of Norilsk's shares, had suggested Norilsk management buy out the blocking stake in the company owned by RusAl, headed by billionaire Oleg Deripaska, he said.
"The Pension fund has suggested setting up a pool (of investors to buy out RusAl's stake). I think it is very a good idea," Strzhalkovsky said.
The pool may include the fund, Norilsk management and Norilsk's other core shareholder Interros, billionaire Vladimir Potanin's investment arm.
"I will not tell you about other participants, but there are many phone calls," Strzhalkovsky said.
He confirmed that foreign companies could join the pool.
"Over 30 percent of our capital is represented by depository receipts. If (a foreign investor) wants to buy a 25 percent, a state committee must work on that, and if he wants to purchase 5-7-10 percent, it will not be loss of control. It is a possible, but not an obligatory step," Strzhalkovsky said.
RusAl and Interros have been embroiled in a shareholders row after RusAl lost one seat on Norilsk's board at a June annual shareholders' meeting, while Interros increased its representation, breaking a previously agreed parity.
RusAl has accused Interros of ruining that parity and the board of directors of a vote fraud.
In August, a Kremlin source said that an ideal solution of the shareholders conflict would be the sale of the stake belonging to one of core shareholders, Deripaska or Potanin, but did not specify which one.
"I see RusAl quitting Norilsk Nickel shareholders as the best way out," Strzhalkovsky said.
Norilsk's EGM is scheduled for October 21. The meeting was initiated by RusAl, which wants to re-elect the board of directors.
MOSCOW, September 15 (RIA Novosti)
