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Russian tycoon calls off asset split with partner

Billionaire metals magnate Mikhail Prokhorov has called off an asset division with former partner Vladimir Potanin, citing force-majeure, Potanin’s Interros Group said Tuesday.Interros, which manages Potanin’s business interests, did not provide further details on Prokhorov’s decision.   force majeure clause allows parties to be freed of a contractual obligation if events occur which they consider outside of their control. Examples of these include hurricanes or labor disputes.

Media reports earlier stated that the two businessmen — longtime business partners until they fell out last year — had signed an agreement on Sept. 14 to split the remainder of their assets. The agreement envisaged a 35 percent stake in Polyus Gold going to Prokhorov, adding to the 30 percent he already owns, while Potanin would receive in return 2 percent in mining company Norilsk Nickel and stakes in APK Agros and Rusia Petroleum.

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http://biz.yahoo.com/ap/081007/eu_russia_prokhorov.html?.v=2