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Abramovich to acquire lower stake in miner
Source: Agencies |
December 12, 2012, Wednesday
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RUSSIA'S RUSAL Plc said yesterday that Kremlin-favored tycoon Roman Abramovich would buy a smaller stake than previously agreed in Norilsk Nickel, in a revised deal to end a four-year battle over the world's largest nickel and palladium miner.
Abramovich, the owner of London's Chelsea football club, would pay RUSAL and billionaire Vladimir Potanin US$1.5 billion for a 5.87 percent stake in the Arctic miner, less than the 7.3 percent stake agreed last week.
Analysts said, however, that the significance of the original deal to end a long-running shareholder dispute over Norilsk Nickel would not change under the revised terms.
"The whole point here is that you have now got the third party which can act as an arbitrator between the two largest shareholders and hopefully it means that Norilsk Nickel can be managed with less conflict and overhangs," said Andrew Driscoll, an analyst at CLSA.
RUSAL said last week that Potanin and the company's chief executive, Oleg Deripaska, had agreed to give Abramovich the biggest voting stake in their US$33 billion company to try to end the two Russian billionaires' battle over Norilsk Nickel.
Yesterday, RUSAL said the terms of the deal had been revised and Abramovich would now buy a combined 9.29 million shares from Potanin and RUSAL at US$160 per share, implying an 11 percent discount to Norilsk's market price of 5,380 roubles (US$180) at Monday's close.
The revised terms meant that Abramovich would now hold 5.87 percent of Norilsk Nickel, while RUSAL would hold 27.8 percent and Potanin's Interros would hold 30.3 percent. All Norilsk's treasury shares - or almost 17 percent of its issued capital - would be cancelled.
Abramovich, the owner of London's Chelsea football club, would pay RUSAL and billionaire Vladimir Potanin US$1.5 billion for a 5.87 percent stake in the Arctic miner, less than the 7.3 percent stake agreed last week.
Analysts said, however, that the significance of the original deal to end a long-running shareholder dispute over Norilsk Nickel would not change under the revised terms.
"The whole point here is that you have now got the third party which can act as an arbitrator between the two largest shareholders and hopefully it means that Norilsk Nickel can be managed with less conflict and overhangs," said Andrew Driscoll, an analyst at CLSA.
RUSAL said last week that Potanin and the company's chief executive, Oleg Deripaska, had agreed to give Abramovich the biggest voting stake in their US$33 billion company to try to end the two Russian billionaires' battle over Norilsk Nickel.
Yesterday, RUSAL said the terms of the deal had been revised and Abramovich would now buy a combined 9.29 million shares from Potanin and RUSAL at US$160 per share, implying an 11 percent discount to Norilsk's market price of 5,380 roubles (US$180) at Monday's close.
The revised terms meant that Abramovich would now hold 5.87 percent of Norilsk Nickel, while RUSAL would hold 27.8 percent and Potanin's Interros would hold 30.3 percent. All Norilsk's treasury shares - or almost 17 percent of its issued capital - would be cancelled.
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