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6 February 2007 - Russian metals giant Norilsk Nickel is to spin off its power assets, worth $2.5bn, before the end of this year, as the group's key owners accelerated their divorce and speculation grew over a possible Kremlin-backed takeover bid.
The statement comes just a week after Mikhail Prokhorov, the company's co-owner, said he would sell his half of a combined 54.8 per cent stake in Norilsk to partner Vladimir Potanin and stand down as its chief executive as part of a broader carve-up of their assets. Prokhorov is to take over the firm's power and hydrogen fuel cell assets.
The division of holdings comes amid increasing speculation the Kremlin could seek to take control of Norilsk, which produces one-fifth of the world's nickel output, as it strengthens its grip on the country's strategic resources.
Analysts said the split could ease the way for Mr Potanin to sell Norilsk to a state-controlled firm such as diamond monopoly Alrosa.
Mr Potanin did not rule out the possible nationalisation of his group in an interview published in the Russian edition of Newsweek this week. When asked about the possibility of the state buying Norilsk shares, he said: "If that happens, I will not see it as a personal tragedy, but as a change in the business climate."
These moves follow Mr Prokhorov's detention last month by French prosecutors, who questioned him as part of an investigation into alleged organised prostitution in the French ski resort of Courchevel. He was released without charge. But Mr Potanin, one of the most savvy oligarchs in Russia, admitted over the weekend that the incident had sped up his decision to go.
"This scandalous situation ..._sped up the announcement, which we made in order to close the chapter," Mr Potanin said in remarks broadcast on Russian television on Sunday evening.
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