Following the example of gold

Norilsk Nickel creates an energy holding

Norilsk Nickel announced its intention to create an energy holding within its structure that will unite the company's assets in the electric power industry. “It is expected that the company’s assets that have already been acquired and those planned for acquisition will be allocated to this structure,” Norilsk Nickel said in a statement. “The separation of energy assets into a separate company will create additional value for the shareholders of MMC Norilsk Nickel,” the words of MMC General Director Mikhail Prokhorov are quoted in the press release.

As you know, last week the main shareholders of Norilsk Nickel and the Interros holding, Vladimir Potanin and Mikhail Prokhorov, announced the division of assets. At the same time, it was reported that Mr. Potanin would get a controlling stake in Norilsk Nickel, and Mr. Prokhorov would get assets in the energy sector. Thus, yesterday's statement by the company contains an important detail: energy assets will be merged within Norilsk Nickel. The press service of the Vremya Novostei company stated that “the spin-off of the energy holding is one of those projects that Prokhorov will implement as CEO of Norilsk Nickel (by agreement between the partners, Mr. Prokhorov will leave this post after the division of assets is completed. - Ed. )".

“Taking into account the fact that now all energy assets are concentrated in Norilsk Nickel, we will create an energy holding on the basis of this company, and then we will create a separate company by reorganizing it in the form of a spin-off,” the deputy general director of Norilsk Nickel explained to Vremya Novostei. Denis Morozov. After the creation of the holding, it is expected to be incorporated and listed within a short period of time. According to Mr. Morozov, shares in the company will be distributed proportionally among Norilsk Nickel shareholders. Listing on the stock exchange will also be carried out only among those who are already holders of Norilsk Nickel securities. Thus, the scheme according to which the Polyus-Zoloto company was spun off from Norilsk Nickel will actually be exactly reproduced.

“The composition of the assets that will be included in the new company has not yet been finally determined,” says Mr. Morozov. “I think that during this year we will buy something else, and on the contrary, we will optimize something.” The press service explained that the company will strive to increase its stake in most of the assets it already owns to a controlling stake. Funds for the purchase of new assets will be allocated by Norilsk Nickel. “The company now has good profits,” says Mr. Morozov, “and we can afford to spend a little of it on the acquisition of new energy assets.” In addition, he does not rule out that in addition to the assets themselves, Norilsk Nickel, as in the case of Polyus, will transfer funds to the spin-off company.

Norilsk Nickel's main energy asset is its stake in RAO UES of Russia, which according to official data is 3.52%. The company estimates the preliminary market value of its assets at more than $2.5 billion. Norilsk Nickel explained that assets in the hydrogen energy sector will not be included in the new holding.

Copying the Polyus spin-off scheme means that Mr. Prokhorov will not immediately take ownership of the energy holding. Apparently, the partners intend to first determine the value of the new company. After all, if the energy holding is separated from Norilsk Nickel before Mr. Potanin buys out Mr. Prokhorov’s share, then the partners will own equal stakes in its capital. If this procedure takes place after the divorce, then Mr. Potanin will generally turn out to be the controlling shareholder of the energy company. “Probably Potanin will then give Prokhorov his share in this company, since they announced this earlier,” a source close to Norilsk Nickel shareholders suggested in a conversation with Vremya Novostey. Another interlocutor of the newspaper says that there is no clear scheme for dividing property, and there are still unanswered questions in this process.

Anna LANDER