Behind every billionaire there is a story!

Norilsk reinforces its defences

Norilsk Nickel’s board approved the sale of up to $7bn in energy assets yesterday and agreed to consider a share buyback in a move that could signal growing resistance to takeover attempts by UC Rusal.

Oleg Deripaska’s Rusal has agreed to buy a 29 percent stake in Norilsk from Mikhail Prokhorov, the billionaire former co-owner of the mining group, in a deal seen by Rusal as the first step toward a full takeover.

Vladimir Potanin, Mr Prokhorov’s former partner and the owner of a 22.3 percent stake in Norilsk, is believed to be anxious to strengthen his position in setting the terms.

Mr Potanin had indicated last year he could be interested in a merger between Norilsk and Rusal but Mr Prokhorov seized the initiative by selling his stake to Rusal first as the two continued to war over the split of their assets.

read the rest published by FT here:

http://www.ft.com/cms/s/0/5a6bf9ce-d38d-11dc-b861-0000779fd2ac.html