The world's top aluminum producer RusAl has filed three law suits against Norilsk Nickel, the world's largest nickel producer, over its deals with Trafigura Beheer BV, Inter RAO and a $4.5 billion buy-back program, according to copies of the suits obtained by RIA Novosti on Friday.
RusAl, controlled by billionaire Oleg Deripaska, and Interros, an investment arm of another Russian billionaire Vladimir Potanin, have long been at odds over control of Norilsk Nickel. RusAl claims the Norilsk board is dominated by officials linked with Interros, after a June AGM where RusAl lost one board seat while Interros increased its representation.
In the first suit, filed with the Krasnoyarsk Arbitration Court, RusAl is seeking a ruling that Norilsk Nickel's deal with Trafigura on a sale to it of American Depositary Receipts equaling about 8% percent of Norilsk's stock, is invalid.
RusAl claims the deal was not approved by the Norilsk board of directors, its details were not transparent and Trafigura may not be the end buyer of the shares, while a company friendly to Norilsk may have financed the purchase.
Norilsk Nickel claims this was a cash deal and the company expected to receive profit from it.
In a second suit, RusAl contested Norilsk Nickel's deal to sell the company's stake in power generator OGK-3 to state-controlled power trader Inter RAO, arguing that the decision to sell the stake goes against Norilsk Nickel's interests as well as the interests of its shareholders.
"A stake in OGK-3 worth 62.8 billion rubles will be swapped for a stake in Inter RAO, whose weighted average market value is considerably lower, 60.5 billion rubles," RusAl said in the suit.
RusAl also accuses Norilsk Nickel management of ignoring an alternative offer made by EuroSibEnergo, one of the country's largest private energy companies, part of Deripaska's En+ Group.
Finally, RusAl claims that a $4.5 billion buy-back program, approved by Norilsk Nickel in December, will distort the company's shareholder structure.
In December, Norilsk Nickel offered to buy RusAl's stake in the company for $12 billion, which RusAl declined, saying the offer was too low.
MOSCOW, January 14 (RIA Novosti)
