The Interros Group has tabled an offer to buy Mikhail Prokhorov's minority stake in nickel and platinum miner Norilsk Nickel, it has been confirmed.

Details of the size of the offer for Mr Prokhorov's 28.2 per cent stake were not released by the Russian holding company, which is controlled by Vladimir Potanin.

"The offer calls for a transaction to be made at a fair market price and regulatory approvals to be obtained by both parties," Interros said in a statement.

"It was made in keeping with previously announced plans by Vladimir Potanin and Mikhail Prokhorov to split their assets."

The firm's two figureheads announced plans to split their businesses in early 2007, with Mr Prokhorov stating at the time that he expected to have reached an agreement as to how the split would be enacted by the end of the year.

Norilsk produces 40 per cent of the world's palladium and 20 per cent of total global nickel output.

Source:

Interros makes offer for Prokhorov's minority Norilsk Nickel stake UPDATE, 22/11/07
http://www.forbes.com/afxnewslimited/feeds/afx/2007/11/21/afx4363160.html

Interros offers to buy Prokhorov's direct stake in Norilsk Nickel, 22/11/07
http://www.prime-tass.com/news/show.asp?topicid=68&id=430129

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