Vladimir Potanin, a billionaire investor in OAO GMK Norilsk Nickel, has been proposed to become chairman of the world’s biggest producer of the metal as a step toward resolving a four-year shareholder conflict, according to two people with knowledge of the matter.
Potanin’s potential return to the board may put some accountability for management on the businessman, and was proposed as an alternative to dismissing his ally Vladimir Strzhalkovsky from the post of Norilsk chief executive officer, the people said, asking not to be identified as the talks are private. Rusal’s billionaire chief Oleg Deripaska has been demanding the CEO’s ouster, they said.
The possible move is one step in negotiations about management and strategy that also cover an increase in dividend payments from Norilsk, which would help Rusal manage its own debt burden, the people said.
Deripaska, whose Rusal holds 25 per cent of Norilsk, has criticized Strzhalkovsky’s team and opposed the executive’s appointment in 2008. A London court is set to hear a claim in December from Rusal against Potanin about an alleged breach of their 2008 shareholder agreement on board representation at Norilsk.
Bloomberg reported that the businessman’s Interros Holding and Rusal resumed talks after holding separate meetings with Prime Minister Dmitry Medvedev this month, the people said. Potanin’s potential role as chairman was first raised several months ago before talks broke down in the summer, they said.
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Russian billionaire may become OAO GMK chairman