Russian businessman Vladimir Potanin, Nornickel’s largest shareholder, is ready, amid Western sanctions, to discuss a possible merger of the mining giant with aluminum producer Rusal, he said in an interview with RBC TV.
The Kremlin announced, through its spokesman, Dmitry Peskov, that it was not aware of any plans for such a merger.
Western sanctions, imposed on Moscow after it sent troops into Ukraine on February 24, did not target Nornickel. However, Britain last week announced sanctions against Potanin.
Among the reasons he is discussing the merger, Potanin cited the need to diversify his shareholder structure to withstand sanctions, the potential need for state support for programs in Russia and the global green agenda.
The proposal was made by Rusal’s management, he added.
Rusal did not immediately respond to a Reuters request for comment.
“I am sending a letter today confirming that we agree to begin the process of discussing the merger with Rusal,” Potanin said. RBC added that the interview took place yesterday, Monday.
Nornickel is the world’s largest producer of palladium and refined nickel. Rusal is the largest aluminum producer in the world, excluding China.
Potanin, 61, is Nornickel’s largest shareholder with a 36% stake and has been its chief executive for 10 years. Rusal currently owns 26% of Nornickel’s shares.
SOURCE: AMPE
Source: Capital
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