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Two is company, three’s a crowd. (l–r) Oleg Deripaska, Vladimir Potanin and Alisher Usmanov |
The battle for control of Norilsk Nickel took an unexpected turn last month when Alisher Usmanov, the oligarch at the head of iron-ore producer Metalloinvest, announced that he was joining forces with fellow minority shareholder UC Rusal, raising the prospect of a three-way merger that would create a national metals and mining champion. Rusal, the aluminium company controlled by Oleg Deripaska, has been embroiled in an escalating dispute over Norilsk with fellow shareholder Vladimir Potanin’s Interros since acquiring a 25% stake in 2008.
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