Sual Partners, controlled by Viktor Vekselberg and Len Blavatnik, wants United Co. Rusal board members including independents to be given the right to call extraordinary shareholders meetings to vote on related party deals, Interfax reported, citing a person it didn’t identify.
Currently such deals are approved by the board by a majority vote, it said. Sual, locked in a shareholder conflict over Rusal’s management with billionaire owner Oleg Deripaska, owns 15.8 percent. Rusal, the largest aluminum maker, said today Sual withdrew an earlier proposal to amend the company’s charter and filed a new plan.
As the board needs to consider the latest offer, a proposed shareholder meeting on Aug. 3 has been canceled, the company said.
Rusal’s press office declined to comment when Bloomberg called and Sual’s Andrey Shtorkh wasn’t immediately available.
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