Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Billionaire Vekselberg Sees Resumed Norilsk Talks as Positive

Nov. 8 (Bloomberg) -- United Co. Rusal shareholder Oleg Deripaska resumption of talks with Vladimir Potanin on managing OAO GMK Norilsk Nickel is positive for Russia’s biggest mining company, according to billionaire investor Viktor Vekselberg.

“The conflict is destructive and harms business from both sides; it’s absurd,” Vekselberg said in an interview in Moscow today. “I don’t insist on a specific decision.”

Vekselberg and his business partner Len Blavatnik control 15.8 percent of Rusal through their Sual Partners Ltd. venture.

The billionaire quit as Rusal’s chairman in March, citing a “deep crisis” at the aluminum producer after Deripaska rejected offers to sell the company’s 25 percent stake in Norilsk. Deripaska said at the time there wasn’t “even a shallow crisis at Rusal.” In April, as the conflict intensified, Sual filed for arbitration in London, claiming its partners in Rusal breached a 2007 shareholder agreement as they signed trading contracts with its consent.

Deripaska and Potanin, whose Interros Holding controls 28 percent in Norilsk, resumed talks last month to resolve the conflict, people with the knowledge of the situation said last week. The negotiations also cover an increase in dividend payments from Norilsk, which would help Rusal manage its own debt burden, the people said.

The dividend policy of any company should depend on its strategy, and the question should be decided “rationally,” Vekselberg said today.

To contact the reporters on this story: Ilya Arkhipov in Moscow at iarkhipov@bloomberg.net; Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.