Russian metals producers UC RUSAL and Norilsk Nickel have abandoned an idea of a merger, key owner of Norilsk Nickel Vladimir Potanin said on November 29.
“We have agreed with Oleg Deripaska, president and key beneficiary of RUSAL, that Norilsk Nickel and RUSAL are different companies and no synergy is visible. This is why they will be developing independently in the medium term,” Potanin said.
According to Potanin, the discussion was held in summer and Deripaska said that he saw more synergy between RUSAL and En+ Group and would rather like to consolidate production on the basis of En+ Group.
RUSAL owns 27.8% in Norilsk Nickel, while Potanin’s Interros 30.3%.
En+ Group holds a 48.13% stake in RUSAL. (Prime/Ukrainian metal)
