United Company Rusal is ready to ask Russia market watchdog to look into the latest development over the ownership of palladium miner Norilsk Nickel.

Mikhail Prokhorov revealed that he was ready to sell a 16.66 per cent stake in Norilsk Nickel to Vladimir Potanin for $10 billion.

The stake would be sold to Interros, a company owned by Mr Potanin, which already has a 25 per cent stake in the company.

A statement from UC Rusal called for Mr Potanin to clarify the situation while requesting the involvement of the Federal Financial Markets Service.

UC Rusal say that Interros would be obliged to make an offer for Norilsk Nickel because the addition of a 16.66 per cent stake would take it over the 30 per cent threshold.

UC Rusal said there were a "number of factors" that indicated that Interros already controlled a stake in Norilsk Nickel without making a mandatory bid.

It called for an investigation into the matter to ensure the rights of minority shareholders were protected.

"UC RUSAL, as a shareholder of Norilsk Nickel, therefore believes that the Interros and Vladimir Potanin must clarify the situation as well as provide information about the terms that will be offered to minority shareholders," it said.



Source:

UC Rusal comments on Vladimir Potanin’s offer to buy 16.66% of Norilsk Nickel, 07/08/08
http://www.rusal.ru/en/news_details.aspx?id=6203

Prokhorov to sell 16% of Norilsk Nickel shares to Potanin 05/08/08
http://www.platinum.matthey.com/media_room/prokhorov_to_sell_16_of_norilsk_nickel_shares_to_potanin_18717360.html