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RUSAL to buy Norilsk blocking stake from Onexim
MOSCOW (Reuters) - Russia's United Company RUSAL said on Friday it would go ahead with the purchase of a stake of 25 percent plus one share in Norilsk Nickel <GMKN.MM> from Mikhail Prokhorov's Onexim Group.
"This acquisition progresses UC RUSAL's plan to create Russia's first diversified global metals and mining corporation," RUSAL, controlled by billionaire Oleg Deripaska, said in a statement.
The announcement came after Prokhorov's erstwhile partner, Vladimir Potanin, declined to exercise his right of first refusal to buy the blocking minority stake in Norilsk for $15.7 billion.
As earlier stated, Prokhorov would receive an 11 percent stake in RUSAL and an undisclosed cash consideration. RUSAL has applied for regulatory approval in seven countries and expects the deal to close in the first quarter.
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(Reporting by Douglas Busvine)