Russia's Abramovich buys Norilsk stake to end feud

AP News
Posted: Dec 04, 2012 6:01 AM

MOSCOW (AP) — Russian tycoon Roman Abramovich will buy a stake in miner Norilsk Nickel to end a long-running feud between two fellow oligarchs.

Rusal, the aluminum producer owned by Oleg Deripaska, and Interros, an investment vehicle of Vladimir Potanin, said in a joint statement on Tuesday that they have resolved their 4-year feud over its cash flows by inviting Roman Abramovich in as a partner. Abramovich would buy 7 percent for an unspecified amount from Norilsk subsidiaries.

Deripaska owns 25 percent in Norilsk while Potanin holds 28 percent in the world's largest nickel producer. The two also agreed for Potanin to take over as chief executive, replacing Vladimir Strzhalkovsky whom Deripaska has strongly opposed.

Deripaska and Potanin would call an extraordinary shareholders' meeting to elect a new board.