Russian billionaire Mikhail Prokhorov has told former business partner and fellow billionaire Vladimir Potanin that he is pulling out of a split asset deal, according to reports yesterday (7th October).

A spokesman for Mr Potanin's investment vehicle Interros suggested that Mr Prokhorov was withdrawing from the deal - which involves Norilsk Nickel and gold miner Polyus - as a result of force majeure.

However, ONEXIM, Mr Prokhorov's investment vehicle, has responded by claiming that it was genuinely surprised by the revelations from the Potanin camp.

A spokesman said: "ONEXIM is unaware of such facts. There is no emergency. The group is involved in a range of businesses.

"Therefore everything related to the asset split appears to be of secondary importance."

Under the terms of the deal, ONEXIM would receive 35 per cent of shares in Polyus - which is controlled by Mr Potanin - to augment its current holding of around 30 per cent.

In return, Mr Potanin would take up a two per cent stake in Norilsk, a 25.8 per cent stake in Rusia Petroleum and a 95 per cent stake in agribusiness firm Agros.

The pair shared ownership of Norilsk, the world's largest producer of nickel, before confirming their intentions to split assets back in January 2007.



Source:

UPDATE 1-Russian tycoon cancels asset split on force majeure (07/10/08)
http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSL718296320081007