Mikhail Prokhorov to sell $10 Billion stake in Norilsk Nickel to Vladimir Potanin
Published 05 August, 2008, 12:58
Deal will see Prokhorov take control of Polyus Gold, and Potanin with 47% of Norilsk Nickel.
The long running unwinding of assets once shared between Vladimir Potanin and Mikhail Prokhorov has taken a step closer to completion. Prokhorov’s Onexim Group announced on Tuesday it had consolidated a 16.66% stake in Norilsk Nickel which it would sell to Vladimir Potanin.
In exchange Potanin will outlay $6.5 Billion in cash and a 35.2% in Polyus Gold, which is currently valued at $3.5 Billion. According to a statement made by Prokhorov’s Onexim group the transaction will be completed by November 15.
The announcement comes after Prokhorov sold a 25% stake in Norilsk to Oleg Deripaska’s United Company Rusal in April, and a further 4% stake sold to Potanin in May.
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