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Norilsk Nickel recommends shareholders re-elect existing board

© RIA Novosti . Ilya Pitalev / Go to the photo bankNorilsk Nickel
Norilsk Nickel - Sputnik International
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The board of directors of Russia's largest nickel producer Norilsk Nickel has recommended its shareholders vote for its re-election at a meeting on March 11 initiated by one of Norilsk core shareholders, RusAl, Norilsk Nickel said on Monday.

The board of directors of Russia's largest nickel producer Norilsk Nickel has recommended its shareholders vote for its re-election at a meeting on March 11 initiated by one of Norilsk core shareholders, RusAl, Norilsk Nickel said on Monday.

"The board of directors recommends shareholders vote 'for' on the first item of the EGM agenda and approve pre-term termination of the powers of the board members and re-elect the board. This recommendation is given taking into consideration the recent changes in the company's share capital and the appearance of a new shareholder," Norilsk Nickel said.

RusAl, the world's largest aluminum company controlled by billionaire Oleg Deripaska, and Interros, the investment arm of another Russian billionaire Vladimir Potanin, have long been at odds over control of Norilsk Nickel. RusAl says the Norilsk board is dominated by officials linked with Interros after a June AGM, where RusAl lost one board seat, while Interros increased its representation.

In December, Norilsk sold American Depositary Shares equaling about 8% of its stock to Trafigura Beheer BV.

RusAl has said it was worried by the deal which it claims was non-transparent.

Norilsk Nickel has said it expects to receive a profit from what it called a cash deal with Trafigura carried out on market terms.

MOSCOW, February 14 (RIA Novosti)

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