Russian shareholders battle over Norilsk Nickel

Interros, the private equity fund of Russian tycoon Vladimir Potanin, will face off against the other major shareholder in Russian mining outfit Norilsk Nickel in a tussle over the make-up of the board, the firm announced. Potanin, who holds abour 25 percent of Norilsk through Interros, will support the board while the other major shareholder, Oleg Deripaska, is seeking to dismiss the board and bring in new executives.

(Reuters) – Russian tycoon Vladimir Potanin’s Interros private equity fund, which holds about 25 percent of Norilsk Nickel, said on Tuesday it will support the current board at the company’s EGM on Thursday.

“Interros intends to vote against the early termination of the board of directors at the extraordinary general shareholders’ meeting on October 21 and recommends that minority shareholders of Norilsk also take this action,” it said.

Shareholders Potanin and Oleg Deripaska, who also holds roughly 25 percent of the world’s largest nickel and palladium producer, are locked in a long running feud over control of the miner and its strategy.

Deripaska wants shareholders to dismiss the current board at the EGM and bring in new executives to spearhead a strategic shift at Norilsk Nickel.

(Reporting by Alfred Kueppers, editing by Toni Vorobyova)