Russia's Potanin returns 2 per cent of Norilsk nickel to Abramovich

SMM, Sept. 12: Russian oligarch Vladimir Potanin (Vladimir Potanin) has returned a 2% stake in Norilsk nickel company (Norilsk Nickel) to Roman Abramovich (Roman Abramovich) and his partners. The initial sale of the stake was opposed by Rusal (Rusal), which owns a stake in Nornickel, in a London court. Oleg Deripaska (Oleg Deripaska), the joint owner of Rusal, wants to prevent (Abramovich) from selling its stake to Potanin (Potanin), saying the sale would violate the 2012 shareholder agreement. In June, a ruling from the High Court of London upheld Mr Deripaska's side and said Mr Abramovich had no right to sell his stake to Mr Potanin.

Earlier, Potanin bought a 2 per cent stake in Nornickel from Mr Abramovich for about $800m in March and raised its stake to 32.9 per cent. He promised that if the London court ruled against the deal, he would return the stake to Abramovich. The source did not disclose the terms of the reversal of the deal. The London court also did not elaborate on the reasons for the ruling.

Norilsk is one of the world's largest producers of nickel and palladium. In April, sanctions imposed by the US on Mr Deripaka and some companies, including Rusal, overshadowed the long struggle between Mr Deripasca and Mr Potanin for control of the company.

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