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Abramovich Allowed to Sell $1.5 Billion Nornickel Stake, for Now

  • Soccer team owner will undo sale if later found impermissible
  • Challenge to Abramovich’s sale to be settled in May trial
Roman Abramovich
Roman Abramovich

Photographer: Simon Dawson/Bloomberg

Updated on

United Co. Rusal’s Oleg Deripaska agreed to let rival Russian billionaire Roman Abramovich sell a $1.5 billion stake in MMC Norilsk Nickel PJSC, providing that the sale is reversed if a London judge later finds that a shareholder agreement doesn’t allow it.

Judge Christopher Butcher on Thursday approved the agreement, which includes Vladimir Potanin, a third Russian billionaire who has agreed to buy Abramovich’s stake. Whether the sale is permissible under the terms of a shareholder agreement will now be debated at a trial set for May 14.