China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
The board of directors of Norilsk Nickel has approved the cancellation of 9.96% of its shares held by the subsidiary NN Investment, top officials of Interros and UC RUSAL told Vedomosti.
The cancellation will result in Interros’s stake being increased to 31.1%.
UC Rusal will see its holdings increased to 27.8%.
Norilsk Nickel will spin off a new entity from NN Investment, in which the shares to be cancelled will be transferred. The entity will then subsequently be liquidated.
The process is expected to be completed by end of March 2013.
Source (Russian): Vedomosti via BrightWire News.
