Russian billionaires Oleg Deripaska and Vladimir Potanin have revived a years-old battle for control of the country’s biggest mining company, MMC Norilsk Nickel PJSC.
The two tycoons each own roughly 30 percent of Norilsk Nickel and have long jockeyed for power in the company, which operates some of the richest mines in platinum, palladium and nickel, until President Vladimir Putin intervened in 2012. An agreement let a company controlled by Roman Abramovich buy a small stake in Norilsk Nickel in exchange for a promise to keep the peace.
Abramovich’s Crispian Investment Ltd. now wants to sell part of the stake, according to three people familiar with matter. The holding was about 5 percent at the start of 2017, implying a current value of more than $1.5 billion. Continue Reading →