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. Last Updated: 07/27/2016

Prokhorov Seeks Norilsk Reshuffle

Billionaire Mikhail Prokhorov has demanded the re-election of the board of world's No. 1 nickel producer Norilsk Nickel in order not to lose control of the giant, Prokhorov's fund said Monday.

A spokesman for the investment fund, Onexim Group, said it had called an extraordinary general meeting of shareholders demanding the re-election.

A Norilsk statement said Onexim had called the meeting with two items on the agenda: terminating the current mandates of the board and electing a new one. The board will consider the demand Thursday.

Media have speculated that Prokhorov would demand the re-election in order not to lose total control of Norilsk during a division of assets with long-term business partner Vladimir Potanin.

Prokhorov quit as Norilsk's CEO earlier this year and has signaled plans to sell his stake in the company to Potanin. He also stopped being a Norilsk board member after the company's annual general meeting last June.