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. Last Updated: 07/27/2016

Prokhorov to Sell Stake in Interros

Metals tycoon Vladimir Potanin has agreed to buy out the stake of his partner, Mikhail Prokhorov, in their Interros holding company, the two sides said in a statement Monday.

Industrial and financial group Interros controls assets worth around $11 billion, including an 8 percent stake in metals giant Norilsk Nickel and 7.6 percent in gold miner Polyus.

Interros also owns 69 percent of major bank Rosbank, 55 percent in property developer Open Investments, 100 percent of media company ProfMedia and other assets.

Potanin and Prokhorov, who are in the process of separating their business interests, also directly own stakes in Norilsk Nickel and Polyus.

Once Potanin and Prokhorov split the jointly held stocks, each will be free to sell the assets, the statement said.

Spokespeople for the two men could not be immediately reached for comment.

Prokhorov has stepped down as Norilsk chief executive and has said he will sell his shares in the company to Potanin. He plans to concentrate on an energy company that is expected to be spun out of Norilsk.

But the divorce has proved to be more complicated than expected.

Prokhorov has called an extraordinary general shareholders meeting for Oct. 12 in an attempt to win seats on the Norilsk board and retain influence over the company.

Reuters, Bloomberg