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Nickel

October 19, 2010 by staff 

Nickel, Interros Vladimir Potanin (which holds 25 percent in Norilsk Nickel) today announced its termination of the cooperation agreement concluded in November 2008 with the majority shareholder of the producer of nickel – UC Rusal (which holds 25 percent in Norilsk nickel). At the time, the parties agreed to form the board of directors of the mining company on a parity basis, with four directors from each of Interros and Rusal. Interros Rusal accused of waging a war of information on Norilsk Nickel’s shareholders, executives and independent directors, which erupted after the annual meeting of shareholders where Rusal won three seats on the board of Norilsk Nickel of Directors from Interros four. Rusal, in turn, objected that Interros had repudiated the agreement because it had itself committed an offense. October 21, Norilsk Nickel shareholders will meet again to review the Board issue. To elect new directors, they must first terminate the powers of the current board. Interros announced he would vote against the rejection of the current Board and recommended the same for all minority shareholders, while Rusal takes the opposite position.

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