Search on
News Title
News Details
Norilsk owners to consider USD 10 billion in dividends
462 times viewed.
Friday, 07 Dec 2012
Roboplazma advert

According to three people with knowledge of the talks, billionaire shareholders in OAO GMK Norilsk Nickel may agree to distribute more than USD 10 billion in dividends from the world’s largest producer of the metal as part of an agreement to end a four year battle over control,

Norilsk would pay the money on profit earned in 2012 to 2014, the people said, asking not to be identified because a final agreement hasn’t been signed. The payout would include about USD 2 billion that Norilsk units will receive when Roman Abramovich buys a 7.3% stake.

Mr Oleg Deripaska’s United Co Rusal, with 25.1% of Moscow based Norilsk, and Vladimir Potanin’s Interros group, with 28% are working to resolve disputes about strategy, dividends and board representation. The battle has contributed to a decline of more than 45% in Norilsk’s London stock from a May 2008 high and stymied investment in expansion.

Mr Dmitriy Kolomytsyn a Morgan Stanley analyst in Moscow said that “Rusal would be able to cover all of its interest payments with the dividends. Abramovich would get back almost half the funds he’ll pay for his Norilsk stake.”

Source - Bloomberg


This is alternative content.

More Stainless Steel News