Potanin Buys Norilsk Nickel Stake

On August 5 Russian billionaires Mikhail Prokhorov and Vladimir Potanin announced a US$10bn swap of cash and stock which will entail Potanin buying a 16.7% stake in Russia's biggest mining company, Norilsk Nickel, from Prokhorov. Affiliates of Vladimir Potanin will acquire the stake in a deal which equates to US$315 per share with the payment made in cash (US$6.5bn) and a 35.2% share package in Polyus Gold from Prokhorov's Onexim Group. Prokhorov's stake in Polyus, Russia's biggest gold producer, will increase to more than 60%, while Potanin will hold at least 47% of Norilsk. Prokhorov sold 25% of Norilsk to

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