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CORRECT: UPDATE: Norilsk Wants To Publish Board Voting Bulletins
Jul 28,2010 10:41CST
industry news

MOSCOW, Jul 28 -- ("UPDATE: Norilsk Wants To Publish Board Voting Bulletins," published at 2:09 p.m. EDT Tuesday, incorrectly described Rusal's stance on the issue, in the third paragraph. The correct version follows.)

Russian miner OAO Norilsk Nickel (GMKN.RS), which is in the center of a shareholders' battle over the election of its board, said Tuesday it has asked its main shareholders and its registrar for permission to publish voting bulletins.

Russian aluminum giant United Co. Rusal PLC (0486.HK) which owns a 25% stake in Norilsk, has accused Norilsk management and the company's registrar of "manipulating the votes to influence the election of the board in its own interests."

Rusal said later Tuesday it does "agree with the idea of publishing the voting papers."

"We believe, this decision was made following Rusal's pressure on Norilsk Nickel's management," Rusal said, adding that the "pressure was aimed at obtaining the access to the information that would allow to verify violations and manipulations that, as we suppose, had taken place" during the shareholders meeting.

Rusal is dissatisfied with the outcome of Norilsk's June 28 shareholders meeting, where Norilsk's board representation fell to three people from four, and Chairman Alexander Voloshin--whom Rusal supported--was ousted. Rusal has asked Norilsk management to provide it with the copies of the voting papers.

Rusal has filed a complaint with the market regulator, the Federal Financial Markets Service. The company also said Norilsk management has prevented Rusal from viewing the bulletins.

During the shareholders meeting, Norilsk again denied any wrongdoing.

Russian conglomerate Interros Group, which also owns a 25% stake in Norilsk, also denies Rusal's criticism.

Rusal has said repeatedly it intends to convene an extraordinary general meeting of Norilsk, but both Interros and Norilsk said there is no reason for the current board to step down or for the results from the shareholders meeting to be reconsidered.


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