Press releases

UC RUSAL statement in relation to MMC Norilsk Nickel
Moscow, 27 February 2018 – UC RUSAL (SEHK: 486, Euronext: RUSAL/RUAL, Moscow Exchange: RUAL), a leading global aluminium producer and owner of a 27.8% stake in MMC Norilsk Nickel, announces the following.

Mr Deripaska, Mr Potanin and Mr Abramovich entered into a Framework Agreement in December 2012 to settle the long-running dispute between Rusal and Interros in relation to Norilsk Nickel.  The terms of that agreement include a "lock-in" period, during which Rusal, Interros (now Whiteleave Holdings Limited) and Millhouse LLC (now Crispian Investments Limited) could not sell their shares.  The agreement also regulates the manner in which each of the three investors can dispose of their shares in Norilsk Nickel at the end of the "lock-in" period, which expired in December 2017.

Crispian initiated a procedure to sell its shares, triggered by an offer to purchase its shares from a subsidiary of Whiteleave at a premium to market value.  Rusal believes that, under the Framework Agreement, Crispian is not entitled to sell its shares in this way.

At today's Court hearing in London, the parties agreed to a consent order by the Judge so that Whiteleave cannot take up just over 2% of Crispian's shares until five business days after and subject to the terms of a further judgment of the English Court scheduled for 8/9th March (or 12th April 2018 if earlier).

Rusal is pleased with this outcome as it represents the continuation of the status quo from the last Court hearing. Rusal was willing to provisionally lodge some monies ($8 million) with its counsel of record to provide direct recourse should it later be held that Rusal’s claims were invalid and Whiteleave or Crispian suffered any loss arising from any delay in completion.

Rusal continues to challenge the validity and completion of the transfer (at least without an effective unwind backed by Mr Potanin and Mr Abramovich which Rusal has proposed) by way of an expedited trial to be ordered by the Court in either April/May 2018.

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