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Norilsk Nickel closes deal with Stillwater

24.06.2003 | Source:

Pravda.Ru

 

The Russian metal giant Norilsk Nickel has successfully closed a deal of buying a 51-percent stake in the US-based Stillwater Mining Company, the Norilsk Nickel's press service reported. Stillwater additionally issued over 45.46m common stocks to be bought by a Norilsk Nickel's 100-percent subsidiary. The Russian company paid around $100m and transferred nearly 877,000 ounces of palladium for the stocks. Thus, the total of the deal equaled about $257m.

From now on, the Stillwater Board includes 9 directors, five of which are representatives of the Norilsk Nickel. Stillwater Chairman of the Board Francis McAllister claimed the deal to be unique and the one to further strengthen positions of the single producer of palladium in North and South America. Norilsk Nickel General Director Mikhail Prokhorov said, in his turn, the deal was to an advantage for both companies and the next step towards the strengthening of Russian-US relations in general.

© &to=http://www.rbcnews.com' target=_blank>RBC

&to=http://www.nornik.ru/index.jsp?lang=E' target=_blank>Norilsk Nickel

 

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