Interros, the largest shareholder of Nornickel, has formally objected to a lawsuit filed by fellow shareholder Rusal in London. The lawsuit alleges that Rusal is attempting to secure maximum dividends from Nornickel, potentially to the detriment of the company’s interests.
Key Highlights:
Background of the Dispute:
The conflict intensified after the expiration of a decade-old shareholder agreement at the end of 2022 that had previously safeguarded Nornickel’s dividend payouts. Interros holds a 37% stake in Nornickel, while Rusal owns 26.4%.
Allegations and Claims:
Rusal’s lawsuit, initially filed in 2022, accuses Nornickel CEO Vladimir Potanin of violating their shareholder agreement. Additional claims suggest that Nornickel’s employee incentive scheme disproportionately benefits Potanin over other shareholders.
Interros’s Position:
Interros has characterized Rusal’s claims as unfounded, asserting that Rusal is attempting to manipulate Nornickel’s dividend policy to address its own financial challenges.
Rusal’s Response:
In response, Rusal stated that Interros is diverting attention from the core issues of the dispute. Rusal emphasized its commitment as a responsible shareholder of Nornickel.
Dividends and Financial Impact:
Nornickel distributed approximately 140 billion roubles ($1.37 billion) in dividends for the first nine months of 2023, amounting to 915.33 roubles per share. The company did not pay a full-year dividend last year and has yet to determine its dividend strategy for this year.
Geopolitical Considerations:
Interros warned that Rusal’s lawsuit complicates Nornickel’s position amid current geopolitical tensions, as it necessitates the disclosure of sensitive information.
Rusal’s Financial Context:
Rusal relies on dividends from Nornickel to manage its debt, which stood at $6.4 billion at the end of the first half of 2023.