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September 08, 2008


Mr Prokhorov agrees to sell 25% stake in Norilsk Nickel to RusAl

RIA Novosti reported that RusAl has agreed the acquisition of a 25% plus one share in the metal's giant, Norilsk Nickel from Onexim Group, Mr Mikhail Prokhorov's holding company. Mr Prokhorov will receive an 11% stake in RusAl, the aluminum giant and a cash payment.

Mr Alexander Bulygin CEO of RusAl said that "This strategic transaction paves the way to develop the enlarged RusAl into a global, diversified metals, mining and energy group."

RusAl said that the merger would provide the scale and scope to allow the enlarged company to compete more effectively with the newly emerging global majors.