Sunday October 3,2010

By Tracey Boles

http://www.dailyexpress.co.uk/posts/view/203204/Rothschild-is-in-line-for-Russian-nickel-giant-s-board/

THE Russian metals oligarch seeking control of Norilsk Nickel is proposing financier Nat Rothschild joins its board.

Oleg Deripaska, the billionaire chief executive of aluminium giant Rusal, is taking his fight for the firm to UK shareholders this week.

He wants to usurp the board of Norilsk, one of the world’s largest producers of palladium and nickel, at an extraordinary meeting on October 21.

He believes Norilsk’s management has failed to maximise value at the mining firm in which Rusal has a 25 per cent stake.

Rusal wants to replace the board with City heavyweights including Rothschild and Terence Wilkinson, a former chief operating officer at miner Lonmin. Deripaska is also standing.

The Russian metals giant is trying to marshal support for Deripaska’s plan among UK shareholders with a roadshow that begins tomorrow.

Rusal will argue that Norilsk could be worth $20 billion (£12.6 billion) more with a new board.

The aluminium giant has accused another key shareholder Interros of gaining unfair influence in the company, something denied by the management of Interros and Norilsk.

The spat has drawn the attention of the Kremlin which has threatened to take a stake in the giant nickel firm to stop the two sides warring.