Norilsk to Elect New Board in April

Norilsk Nickel, the mining company that may be acquired by United Company RusAl, called an extraordinary shareholders' meeting to elect a new board.

The meeting will be held on April 8, Norilsk said Wednesday in a statement. Shareholders must nominate new board candidates before March 10, it said.

RusAl in November agreed to purchase a 25 percent of Norilsk from investor Mikhail Prokhorov by the end of the first quarter in 2008 and said it would seek a full takeover. Prokhorov will get cash and 11 percent of RusAl in exchange for his Norilsk stake.

Alexei Ryabinkin, a spokesman for Onexim Group, Prokhorov's investment company, declined to comment on whether Onexim would represent RusAl on the Norilsk board if the sale of the shares goes ahead.

Prokhorov said last week the management of Norilsk was using "company resources" to favor shareholder Vladimir Potanin.