Marketwire reported that Russian aluminum producer United Co Rusal PLC along with billionaire Vladimir Potanin, agreed to sell their shares in Norilsk Nickel to tycoon Roman Abramovich for USD 1.49 billion.

The latest announcement marks a revision for a deal agreed last week on the stake in the world's largest nickel and palladium producer. Mr Potanin and Norilsk chief executive Oleg Deripaska had earlier agreed Mr. Abramovich would buy a 7.3% stake in the form of quasi treasury shares.

Rusal and Mr Potanin's Interros Holding will now sell a total of 9.29 million shares in Norilsk to Mr. Abramovich at USD 160 per share, Rusal said in a statement to the Hong Kong stock exchange.

After the revised deal, Rusal will hold a 27.8% stake in Norilsk, while Interros will hold 30.3% and Mr Abramovich will hold 5.87%.

Source – Market Watch