Norilsk Nickel Chairman Vladimir Potanin announced yesterday (25th November) that the company's warring shareholders have now resolved their differences over management structures.

The Russian billionaire, who holds a 30 per cent stake, explained that the latest developments mean that the proposed merger with one-quarter owner UC RUSAL will now be postponed for three years.

In addition, he confirmed that neither he nor fellow billionaire Oleg Deripaska, the majority owner of UC RUSAL, would be standing for election to Norilsk's board at next month's extraordinary meeting.

He said: "We have overcome our differences, which you may believe were not simple, have turned over a page and start our relations from a blank page."

Mr Potanin also revealed that the new board will be headed up by one of three independent directors after an expansion from the current nine members to a new total of 13.

His investment vehicle, Interros, will be putting forward four candidates - as will UC RUSAL - all of whom will be joined by a state representative and CEO Vladimir Strzhalkovsky.

Furthermore, Mr Potanin explained that UC RUSAL - which originally requested that a court block the move - is now comfortable with the proposed buyback of the $940 million worth of its shares bought by Norilsk.

"We believe that if we have sorted out our differences, this means lifting of all complaints including related to the buyback," he added.



Source:

UPDATE 2-Norilsk Nickel owners settle conflict-Potanin (25/11/08)
http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSLP36784420081125?sp=true