Mikhail Prokhorov is ready to sell 16.66 per cent of the shares in Norilsk Nickel to Vladimir Potanin, his former partner.

According to Onexim, a business belonging to Mr Prokhorov, he is ready to sell the offering for $6.5 billion in cash and 35.2 per cent of Polyus Gold - a stake worth $3.5 billion, according to Onexim.

A statement said that the deal should be concluded by November 15th 2008 and it represents a major move in the shares of the world's largest palladium producer.

The news follows reports that Norilsk Nickel appointed Alexander Popov as Deputy Chief Executive.

According to reports from Reuters, the move is the first in a series of reorganisation steps expected to be taken by Sergei Batekhin, the firm's Chief Executive.

A statement from Mr Batekhin said it was part of a plan to develop Norilsk Nickel as one of the world's premier mining giants.

"This is an important preparatory step towards creating one of the largest international mining and metallurgical companies on the basis of Norilsk Nickel," he explained.



Source:

ONEXIM to complete consolidation of 16% stake in MMC Norilsk Nickel to be sold to Vladimir Potanin, 5/08/08
http://onexim.org/pdfs/press-release_MMCsale_eng.pdf

Russia's Norilsk CEO appoints new deputies, 24/07/08
http://uk.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUKL451750920080724