DJ UPDATE:Rusal Is Now The Largest Shareholder In Norilsk-Filing

Mon. April 20, 2009; Posted: 09:50 AM

LONDON, Apr 20, 2009 (Dow Jones Commodities News via Comtex) -- NLKNY | Quote | Chart | News | PowerRating -- (Adds Interros, analyst comments)

Russian aluminum producer United Company Rusal has become the largest shareholder in mining giant OAO Norilsk Nickel (GMKN.RS), according to documents filed Friday to the U.S. Securities and Exchange Commission.

According to the filing, submitted to the SEC by Vladimir Potanin, the Russian billionaire held 25% plus-one-share in Norilsk. This is one share less than Rusal.

Rusal confirmed that it owns 25%-plus-two-shares in Norilsk, but declined to comment further.

Potanin's stake has fallen over the last year. May 26, Potanin owned 41.74 million shares and 150.32 million depository receipts in Norilsk, giving him a stake of 29.78%, according to Norilsk's annual report on the company's Web site.

Potanin's investment company Interros Holding said that part of the stake was sold during a buyback of about 4% of outstanding Norilsk shares at the end of 2008.

"For the purpose of controlling the company, there is not much difference between a 25% stake and a 30% (stake), as Potanin still has a blocking stake in Norilsk," said Alexander Pukhaev, analyst at VTB bank in Moscow. "But (Potanin) has got the cash when he needed it," he added.

Norilsk declined to comment.

U.S. SEC Web site http://www.sec.gov

Company Web site: http://www.nornik.ru

-By Alexander Kolyandr, Dow Jones Newswires; +44 20 7842 9410; Alexander.Kolyandr@dowjones.com

(END) Dow Jones Newswires

04-20-09 0950ET

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