Norilsk Nickel's directors recommended that shareholders elect a new board at an extraordinary meeting on March 11, backing a proposal by United Company RusAl.
The directors approved a list of 27 candidates for 13 seats, the company said in a statement Monday. They include 12 nominees from billionaire Vladimir Potanin's Interros Holding, eight from Moscow-based RusAl, and four from Norilsk management.
The Norilsk board said it recommends that shareholders vote for the independent candidates who can be "classified as independent in accordance with the company's independence criteria as well as recommendations of professional consultants."
The candidate list also includes two managers from Trafigura Beheer, which agreed to buy an 8 percent stake in Norilsk in December, and one representative of billionaire Alisher Usmanov's Metalloinvest, which holds 4 percent.
Norilsk, the world's biggest nickel producer, on Feb. 11 increased an offer to buy back shares held by RusAl as it seeks to end a battle between the aluminum company's billionaire founder Oleg Deripaska and Potanin for control of the business. The nickel miner said it would pay $12.8 billion in cash for 20 percent of its shares.
Interros voted against electing a new board the last time the issue was on the agenda. This time it has decided to support the motion.
"The decision to recommend voting for the re-election of the board should help stop this conflict as should the offer from Norilsk to buy out RusAl's stake in the company," said Andrei Bougrov, Norilsk board member and deputy chief executive of Interros.
(Bloomberg, Interfax)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
