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Russia's VTB says voted for re-election of Norilsk board

© RIA Novosti . Sergei PiatakovRussia's second largest bank VTB
Russia's second largest bank VTB - Sputnik International
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Russia's second largest bank VTB, a minority shareholder in the world's largest nickel producer Norilsk Nickel, voted for the re-election of Norilsk's board at the company's extraordinary general meeting (EGM) on Thursday, a VTB spokesman said on Friday.

Russia's second largest bank VTB, a minority shareholder in the world's largest nickel producer Norilsk Nickel, voted for the re-election of Norilsk's board at the company's extraordinary general meeting (EGM) on Thursday, a VTB spokesman said on Friday.

"VTB voted for the re-election of the current board of directors at the shareholders' meeting," the spokesman told RIA Novosti.

Nearly 38 percent of Norilsk shareholders voted for the re-election and about 47 percent voted against. In accordance with preliminary data, quorum amounted to 92.5 percent at the end of voting, while 78.8 percent voted on the termination of the current board.

The meeting was initiated by RusAl, the world's top aluminum producer and one of Norilsk's core shareholders.

RusAl, controlled by billionaire Oleg Deripaska, and Interros, billionaire Vladimir Potanin's investment arm, which both hold a quarter of Norilsk's shares, have been embroiled in a shareholder row since RusAl lost one seat and Interros increased its representation on Norilsk's board at a June annual general meeting (AGM).

RusAl has accused Interros of ruining the parity and the board of directors of vote fraud.

On Tuesday, Interros called on Norilsk minority shareholders to vote against the termination of the current board at the EGM.

Interros said RusAl's campaign to contest the AGM results, which it said was groundless and aimed to serve RusAl's interests only, was directed against Norilsk's shareholders, management and independent directors.

RusAl said after the meeting that the failure to re-elect the board would not change its plans to implement a program of changes.

 

MOSCOW, Oct 22 (RIA Novosti)

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