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Potanin Gets Majority Elected To Norilsk to Retain Control

Billionaire Vladimir Potanin retained control of GMK Norilsk Nickel’s board after a vote Monday by investors in Russia’s biggest mining company.

Potanin, the largest shareholder, got four directors elected to the board, Norilsk Chairman Andrei Klishas, who is also chairman of Potanin’s investment company, Interros Holding, told reporters in Moscow on Monday. United Co. RusAl, the second-biggest shareholder, got three, Klishas said.

Investors met to elect Norilsk’s board as Potanin and RusAl, the world’s largest aluminum producer, wrangle over control of the company. Rusal, controlled by Russia’s richest man Oleg Deripaska, has said it intends to seek a merger with Norilsk, which would create a diversified mining company that could compete with Australia’s BHP Billiton.

Rusal bought 25 percent of Norilsk in April, and in May criticized the nickel producer’s management for lack of growth. Potanin, who owns just less than 30 percent of Norilsk, opposes RusAl’s plan and has proposed an alternative three-way merger with Metalloinvest, the iron-ore miner controlled by Alisher Usmanov.

read the rest published by St.Petersburg Times here:

http://www.sptimesrussia.com/index.php?action_id=2&story_id=26428