Interros's refusal to buy a controlling stake in Norilsk Nickel from Mikhail Prokhorov's Onexim Group announced on Friday was seen as Mikhail Potanin's first defeat in the business split, RBC reports. Analysts agree that before the liquidity crisis Vladimir Potanin could have had greater chance of raising the required amount to purchase the stake. Opinions are divided on what is to be expected next, some analysts suggesting that Potanin could sell his stake in Norilsk Nickel to Oleg Deripaska (RUSAL's major shareholder) as well, and others ruling out such a possibility. The merger could be in the government's interests, as it would receive a company with a capitalization of $100bn, which could buy up assets throughout the world.
However, the upcoming deal has to be approved by antitrust authorities and 75 percent of Norilsk Nickel's shareholders. Potanin is still in a position to block the decision. Norilsk Nickel's energy assets, irrelevant for a giant focusing on the non-ferrous industry, could be divested in 2008, analysts believe.