The statement gave no further details, but experts say Prokhorov, Norilsk Nickel's former president and director general who owns 10% of voting stock in the company, plans to return to the board to oversee the division of assets with the other core shareholder, Vladimir Potanin, under a deal reached between the billionaires in early 2007.
Prokhorov, who resigned in March, was to sell a 26% stake in Norilsk Nickel he controls via Onexim investment fund and managing company Interros, to Potanin, and receive energy assets owned by the metals giant and Interros, which include U.S.-based hydrogen producer Plug Power.
The asset division process was to be completed by the end of 2007, but sources close to both Onexim and Interros have not ruled out that it could end up in a law court, business daily Kommersant reported earlier.
It is not clear who was the first to violate the deal. Prokhorov set up the $17-billion Onexim Group, which focuses on innovation projects in traditional and hydrogen-based energy, using a 22% stake in Norilsk Nickel May 31. His aides said at the time they were free not to sell the stake to Potanin.
Businessmen close to Potanin said on condition of anonymity that Interros was reluctant to sell the stake in Plug Power to Prokhorov.
"In accordance with the law and the company's decision, shareholders with at least 2% of voting stock have the right to propose candidates to the Board of Directors until September 12," Norilsk Nickel said Thursday.
It is not clear how many candidates Prokhorov's Onexim plans to propose. "We are returning to the board as we are a major shareholder of Norilsk Nickel," Onexim Group President Dmitry Razumov said earlier this week, giving no further details according to Kommersant.
The market capitalization of Norilsk Nickel, which accounts for more than 20% of global nickel output, over 10% of cobalt and 3% of copper, and 96% of Russia's nickel production, has risen 40% since the start of the year, to about $40 billion.
