Oleg Deripaska took a timeout until May to seek money

Rusal is in no hurry to buy out shares of Norilsk Nickel from Roman Abramovich.
Conflicting for control over Norilsk Nickel Norilsk Nickel Rusal Oleg Deripaska (27.8% of MMC) and Interros Vladimir Potanin (32.9% of MMC) agreed last week that Rusal would not block the deal to sell of them 3.99% of Norilsk Nickel from the package of Crispian Investments Roman Abramovich for $ 1.47 billion. But if Interros has already bought out 2.1% of MMC, Rusal will wait for the decision of the High Court of London in May-June as to whether it could whether Crispian generally make such a transaction by agreement of shareholders.

Rusal, which owns 27.8% of Norilsk Nickel, will make a decision to buy out about 1.9% of GMK shares from Crispian Investments Ltd Roman Abramovich based on the decision of the High Court of London regarding whether the sale of Crispian 3.99% of Norilsk Nickel shareholder agreement. The employees of the investment companies told Kommersant that on March 15 during the conference call with investors and analysts the president of En + Group Oleg Deripaska (owns 48.13% of Rusal) and a member of the board of directors of RusAl Maxim Sokov.

Maxim Sokov told Kommersant that Rusal was obliged to purchase shares from Crispian in the exercise of its preemptive right of purchase, provided that the High Court of London recognizes Crispian's notice of pre-emptive right as valid. " "Rusal will act strictly in accordance with its rights under the agreement and notice of the pre-emptive right," added Mr. Sokov. In the "Rusal" limited to a statement that the company "is considering options in the current trial". In the Millhouse Roman Abramovich refused to comment.

Today Interros of Vladimir Potanin said that he bought about 2.1% of Norilsk Nickel's shares from Crispian, increasing his stake in the company to 32.9%. Based on the previously announced price for 3.99% of GMK $ 1.47 billion, 2.1% of the company could manage to Interros in the amount of over $ 770 million to Rusal for the purchase of about 1.8-1.9% of MMC from the company of Mr. Abramovich will need about $ 700 million, at the end of 2017 on the accounts of the aluminum company was $ 831 million. Crispian owns 4.2% of MMC after the deal with Interros.

Since mid-February, Rusal has been contesting in the High Court of London the compliance of the shareholders' agreement of Norilsk Nickel with the offers from Crispian Rusal and Interros (namely, Whiteleave Holdings Ltd) with a proposal to buy out 3.99% of Norilsk Nickel under the preemptive right and in proportion their shares in MMC. These offers, in turn, were the result of a proposal to buy a package from Crispian from the structure of Interros Bonico Holdings, a wholly owned subsidiary of Whiteleave. "Rusal" believes that the offer to Mr. Abramovich should have been made by a "bona fide third party" that is not a participant in the shareholder agreement. Interros insists that after the first five years of the shareholder agreement of December 10, 2012, during which the shares of Interros, Rusal and Crispian should not fall below certain thresholds, there are no restrictions on transactions between shareholders. In this case, "Rusal", just in case, accepted the offer of Crispian before challenging the deal in court.

The next court session will be held on May 14-17, Rusal disclosed. The decision can be made in late May or early June, says one of the interlocutors of Kommersant. But Rusal has grounds not to close the deal with Crispian: the documents of the court contain excerpts from the agreement of the shareholders of MMC, according to which when Crispian sells up to 4% of Norilsk Nickel to its other participants by the right of preemptive redemption, settlements must be completed within six months from the moment acceptance of their offer. At the same time, if the court decides that the sale caused by the Bonico offer violated the shareholder agreement, the transaction for the sale of Crispian shares to Norilsk Nickel should be deployed within 40 days after the decision is made. The court approved these agreements on March 8.

Rusal should have no financial problems with the purchase of 1.9% of Norilsk Nickel: in addition to the available funds on the accounts, the company in July-August should receive about $ 430 million in dividends from MMC, points out Oleg Petropavlovsky from BCS. But another thing is that due to the restrictions on increasing the stake in the MMC to 30% (there is an offer behind this threshold), Rusal will not receive a tangible economic benefit from the increase in the stake in Norilsk Nickel to just 29.7% - this investment will pay off about ten years, if we rely on the current metals prices of MMC and the company's dividend policy, the analyst believes.

Now, Interros and Rusal are already experiencing the third stage of the conflict over Norilsk Nickel, arguing about the extent of their influence on the company, the amount of dividends and capital investments. "Rusal" announced its readiness for a "duel" with Interros, which could lead to a share buy-out by one of the shareholders of MMC of another. The conflict flared up after five years against the backdrop of the gradual withdrawal from the capital of MMC Roman Abramovich, who acted as a "white knight" at the end of 2012 (as the Kommersant sources said, from the submission of ex-Boris Yeltsin administration Valentin Yumashev).