Norilsk Nickel to sell blocking stake to Aluminum giant UC Rusal

Norilsk Nickel to sell blocking stake to Aluminum giant UC Rusal

Russian aluminum giant UC Rusal will acquire a blocking stake in OAO Norilsk Nickel.

In exchange for turning over the 25 percent plus one share stake in Norilsk to Rusal, Prokhorov's Onexim group will receive 11 percent of shares in Rusal plus an undetermined amount of cash, Rusal and Onexim said in joint statement.

No value for the deal was given.

The surprise move was the latest in the ongoing shuffle surrounding Norilsk Nickel, the world's largest nickel miner.

Rusal became the world's biggest aluminum producer this year after a three-way merger between Rusal, its Russian rival Sual and the aluminum assets of Swiss-based commodities trader Glencore.