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25 Jun, 2008 09:33

Billionaires to unite to create world metal leader?

Four Russian tycoons may soon pool their assets, creating a metals-and-mining holding company. Alisher Usmanov has invited fellow Russian metals moguls Vladimir Potanin, Viktor Vekselberg and Oleg Deripaska to merge their resources.

Alisher Usmanov told journalists that Viktor Vekselberg has accepted his invitation to team up in order to create a major independent mining and smelting enterprise.

Usmanov and Vladimir Potatanin signed a memorandum of mutual investment into the industry at the end of May – with a view to creating the world's leading holding within five years.

Usmanov has also stated his company Metalloinvest plans to conduct an IPO in the near future. Metalloinvest is one of Russia’s largest mining and metallurgical companies.

Potanin has control over Interros, a company which owns 30% of Norilsk Nickel, the world’s leading nickel and palladium producer.
Another 25% of Norilsk Nickel is owned by Rusal, the world’s largest aluminum producer, which belongs Oleg Deripaska.

The Renova asset management company, which is owned by Vekselberg also holds a stake in Rusal.