Russian aluminum producer RUSAL has abandoned an idea to ask the shareholders for a mandate to compete for a stake in Norilsk Nickel with Interros due to the new U.S. sanctions, it said in a statement.
According to the statement, RUSAL will monitor the situation and can return to the move if sees it necessary.
On April 6 the U.S. imposed sanctions against 38 Russian tycoons, officials and companies, including RUSAL.
A long-standing shareholder conflict between Norilsk Nickel’s shareholders Interros of Vladimir Potanin and RUSAL of Oleg Deripaska was resolved in 2012 with the intermediation of Roman Abramovich by signing an agreement with a five-year share lockup period, but resumed in mid-February.
Interros and RUSAL failed to coordinate parameters of a new shareholder agreement. Potanin offered Abramovich to buy about 4% in Norilsk Nickel, Abramovich offered Deripaska and Potanin to participate in the deal proportionately to their stakes. RUSAL accepted the offer but asked the High Court of London to prohibit the deal. Interros closed a deal to acquire 2.1% in March. (Prime/Ukrainian metal)