Vladimir Potanin has raised his stake in Russian miner Norilsk Nickel (GMKN.MM: Quote) to nearly 30 percent from 25 percent ahead of a shareholder meeting, Vedomosti reported on Thursday.
"(Potanin's investment vehicle) Interros has up to 30 percent of Norilsk shares and other Norilsk shareholders and observers have to accept that a balance on the board is not an equal participation of Interros and RUSAL (0486.HK: Quote) but pro rata," Potanin said in an interview.
On Friday, Norilsk shareholders will vote whether or not to dismiss the current board, a proposal mooted by 25 percent stakeholder UC RUSAL. The aluminium company is controlled by Oleg Deripaska.
Norilsk, the world's largest nickel and palladium producer, is at the centre of a power struggle between Potanin and Deripaska. Deripaska wants to raise his influence in Norilsk by winning more seats on the board.
Norilsk shareholders voted to retain the current board at the October EGM. （REUTERS)
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