Rusal to acquire 25-percent stake in Norilsk: company

0 Comments | AFP, November, 2007

MOSCOW (AFP) — Russian aluminium giant Rusal said Friday it had reached a deal to acquire a 25-percent stake in fellow Russian metals group Norilsk Nickel from the Onexim investment group, a statement said.

The transaction is conditional on Norilsk Nickel's acceptance, said the statement from Rusal and Onexim.

Businessman Mikhail Prokhorov, who owns Onexim, told The Financial Times last month that he was ready to sell his 25-percent share in Norilsk Nickel for 15.7 billion dollars (10.6 billion euros).

Under the deal, Rusal will acquire a 25 percent plus one share interest in Norilsk Nickel and Onexim will become an 11 percent shareholder in Rusal, with the balance to be paid in cash.

"This strategic transaction paves the way to develop the enlarged...