Source Pravda.Ru

Cross Shareholding In Russia's Metal Giant

Russia's metal giant MMC Norilsk Nickel has eliminated cross shareholding with RAO Norilsk Nickel. In order to eliminate cross shareholding, MMC Norilsk Nickel reduced its share capital. RAO Norilsk Nickel used to be the mother company of MMC Norilsk Nickel. However, following the restructuring procedures, RAO became a subsidiary of MMC. The restructuring, which involved swapping RAO shares for those of MMC, was aimed at making the company more efficient and removing the political risks of having Norilsk Nickel's privatization reviewed. RAO used to control 17.64% in MMC. Currtently, Russia's major holding group Interros controls 62.5% in MMC Norilsk Nickel, while the remaining 37.5% belong to minority shareholders

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