Whiteleave of Interros of Vladimir Potanin closed the deal to buy 2.1% of Norilsk Nickel shares from Crispian Roman Abramovich and Alexander Abramov, the group said today.
"On March 15, 2018, the company of Interros closed the acquisition of 2.1% of Norilsk Nickel from Crispian, a member of the Millhouse Group. To date, the share of the Interros group in Norilsk Nickel is 32.9%, "the report said.
The deal became possible thanks to the agreement of the parties - earlier Crispian Abramovich and Whiteleave, owned by Vladimir Potanin, agreed in the High Court of London with UC Rusal Oleg Deripaska not to block the sale of 4% of Norilsk Nickel. The key condition of the agreement is that the deal can be annulled if the court recognizes that it violates the shareholder agreement of Norilsk Nickel. Thus, the company Potanin and UC Rusal Deripaska will be able to buy 2% in Norilsk Nickel from Crispian.
In early 2018 the company Potanin - Bonico Holdings Co Ltd. - Crispian offered $ 1.47 billion (13% higher than the average price for 90 days) for a 4% stake in Norilsk Nickel. Crispian in accordance with the shareholder agreement proposed the same package of UC Rusal and Whiteleave on the same terms. The company accepted the offer.
Now UC Rusal is contesting in the High Court of London the legality of selling a 4% stake in Crispian in Norilsk Nickel. The company fears that if the deal happens, it will change the balance of power in Norilsk Nickel. During the first half of 2018, the court will have to decide whether the sale of the 4% stake in Crispian to the share agreement that is in force between UC Rusal (owns 27.8% of Norilsk Nickel), Crispian (6.3%), and Whiteleave Vladimir Potanin (30.2%).
If UC Rusal achieves the decision of the High Court of London in its favor, buyers will have to transfer 2% of Norilsk Nickel back Crispian along with dividends in 40 days, and Crispian - to return the money received from the sale to them, Vedomosti wrote, citing sources, close to different shareholders of Norilsk Nickel.