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UK court to continue hearings on Norilsk Nickel shareholders' dispute in May

March 09, 3:13 UTC+3 LONDON

The dispute concerned the sale of a part of the stake in Norilsk Nickel which is held by Crispian Invetsments, a company controlled by Roman Abramovich

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© Kirill Kukhmar/TASS

LONDON, March 8. /TASS/. The High Court of London will continue the hearings over the dispute of Norilsk Nickel shareholders on May 14-17, the TASS correspondent reported from the courtroom.

The dispute concerned the sale of a part of the stake in Norilsk Nickel which is held by Crispian Invetsments, a company controlled by Roman Abramovich.

Earlier on Thursday, it was reported that Rusal aluminum producer allowed Crispian Investments to sell part of the stake in Norilsk Nickel. However, the sale can be canceled after the meeting in May, if it is stated that it contradicts the old shareholder agreement.

Roman Abramovich’s Crispian Investments will be able to sell 2% from its 4% stake in Norilsk Nickel to Vladimir Potanin's Whitelieave - not earlier than five days after the court’s decision, if the court declares the sale of shares in the metallurgical plant as legitimate and approves the terms of the transaction.

Rusal, the owner of a 27.8% stake in Norilsk Nickel, said earlier that it received a letter from Crispian Investments, the holder of 4.95% in Norilsk Nickel, concerning the sale of its stake to another shareholder - Interros of Vladimir Potanin. Rusal regards the letter from Crispian as invalid, the company said.

Rusal filed a claim to the court in London against other shareholders of Norilsk Nickel - Crispian Investments of Roman Abramovich and Whiteleave of Vladimir Potanin, demanding prohibition of the sale and purchase transaction with Norilsk Nickel shares.

Interros views intentions of Rusal, another shareholder of Norilsk Nickel, to block this deal as unjustified.

Norilsk Nickel is a Russian diversified mining and metals company, the world’s largest producer of nickel and palladium and the major producer of platinum, cobalt, copper, and rhodium. The company is also producing gold, silver, iridium, osmium, selenium, ruthenium, and tellurium.

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