Rusal, the world's largest producer of aluminium, has secured $4.5 billion that could allow it to buy a 20 per cent stake in Norilsk Nickel.

But the move could face opposition from the Norilsk board who may approve a $5 billion share buyback scheme to stop Rusal from gaining the stake.

Mikhail Prokhorov and Vladimir Potanin, who built Norilsk into the leading Nickel producer, are at loggerheads over the future of the company.

A split of their business assets has been negotiated for more than a year and the pair are thought to share £20 billion worth of assets across 200 firms, the Times reports.

But Mr Potanin has not been able to purchase Mr Prokhorov's stake in Norilsk and Rusal could stand to take the 20 per cent next week after the necessary regulatory clearances were received last week.

The share buyback scheme will allow the board to vote against any proposals made by the aluminium giant.

Sources:

Metal giants, Rusal and Norilsk Nickel, go to war, 03/02/08
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article3293968.ece

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