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. Last Updated: 07/27/2016

Norilsk to Insist On State Owners

Management of Norilsk Nickel, enmeshed in a battle with Uneximbank for control over the metals giant, said Thursday it wants to stay in state hands and will insist on revision of last fall's loans-for-shares auction result.

"We are sure that interests of Uneximbank, as a commercial bank, could not coincide with the interests of the region," Boris Kazakov, vice president of Norilsk Nickel, said at a press conference.

The Russian government still owns the 38 percent stake in Norilsk that Uneximbank holds in trust. The bank gains title only if the government fails to repay its $170.1 million loan by September.

"The bank is only interested in maximum profits," Kazakov said.

But Uneximbank spokesman Ilya Yakushev rejected Kazakov's accusations, saying the bank will have to "put millions of dollars into the company before it will start to earn any profit."