The London Court of Appeals has upheld Vladimir Potanin, one of two major shareholders in Nornickel, in his attempt to block the other, Oleg Deripaska, from buying more shares in the giant nickel and palladium producer.
Deripaska would have gained 6.3 million shares, owned by Crispian Investments, a stake that Russian news agency TASS put at 4%. Deripaska currently has a share of 27.8% through aluminium giant UC Rusal, in which he is a major shareholder. Potanin, who owns close to a 30% stake in Nornickel, now has 21 days to appeal an earlier High Court decision that favored Deripaska. A representative...