not vested
Rusal jumps 11pc on hopes of nickel mergerBillionaire Vladimir Potanin, the biggest investor in Norilsk Nickel, said he's ready to discuss merging the mining giant with Rusal as sanctions against Russia weigh on both companies.
He added that the proposal came from the management of Rusal. Potanin acknowledged a lack of production synergies but said the deal was justified by other arguments including both companies' shift towards a "green economy".
Potanin, Russia's richest man, controls about
35 percent of Nornickel, a key producer of nickel and copper and the
world's biggest miner of palladium.He said that Nornickel is not under sanctions, despite the penalties imposed against him by the UK.
About
20 percent of the world's nickel comes from Russia, with nearly all of that from Potanin's Nornickel. The company also produces about
40 percent of the world's palladium, used in anti-pollution devices in gasoline cars.
Nickel price jumped significantly in March when the Russia-Ukraine war started, worrying that the supply of the material will be affected. London Metal Exchange suspended nickel trading back then and is now facing compensation lawsuits.
Source: AP
https://www.thestandard.com.hk/section- ... kel-merger
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