Rusal's buy of Norilsk Nickel stake approved by Russian regulator
United Company Rusal (UC Rusal)'s planned acquisition of a 29 pct plus one share stake in JSC MMC Norilsk Nickel has been approved, the Federal Anti-Monopoly Service (FAS) said in a statement.
Rusal chairman Viktor Vekselberg last November reached an agreement to acquire a 25 pct plus one share stake in Norilsk Nickel from Mikhail Prokhorov's Onexim group in exchange for an 11 pct stake in Rusal as well as an undisclosed amount of cash.
Vekselberg also held talks with Norilsk Nickel minority shareholder Vladimir Potanin at the end of last year and said that he was confident he will ultimately reach an agreement to acquire his stake.
According to Russian press reports, Potanin holds more than 25 pct of Norilsk Nickel via Interros and a separate investment vehicle, KM Invest.