(Updates to add details on Norilsk Nickel's ownership structure)
MOSCOW (Thomson Financial) - Russia's Interros holding company said it has made an offer to acquire Mikhail Prokhorov's minority stake in OJSC MMC Norilsk Nickel, Interfax reported.
'The offer calls for a transaction to be made at a fair market price and regulatory approvals to be obtained by both parties,' Interros said in a statement.
'It was made in keeping with previously announced plans by Vladimir Potanin and Mikhail Prokhorov to split their assets.'
The statement did not provide details on the size of the stake it has offered to buy, and Interros also did not say how much it is willing to pay for it.
A report appeared in the Russian press two months ago indicating that Prokhorov owns 29 pct of Norilsk Nickel, the world's largest nickel and palladium producer.
Vladimir Potanin controls the Interros holding company and also serves as its president.
Earlier reports indicated that it already holds a 26 pct stake in Norilsk Nickel.
The group also holds a range of other assets, including stakes in OJSC Polyus Gold and OJSC Rosbank.
When combined with Prokhorov's stakes, Interros controls a majority of both Norilsk Nickel and Polyus Gold.
However, earlier this year Potanin and Prokhorov agreed to split their joint holdings, creating uncertainty about the future direction of the two Russian mining giants. alfred.kueppers@thomson.com amk/ra/amk/ra COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
