Russian tycoon Vladimir Potanin will buy out long-time business partner Mikhail Prokhorov’s stake in the world’s biggest nickel miner, Norilsk Nickel, the two businessmen’s holding company Interros said on Wednesday, Jan. 31.
The two billionaires will remain joint owners of Interros’ other assets, which include gold miner Polyus Gold, Rosbank and real estate developer Open Investments. Prokhorov, however, will manage his stakes in those companies through a separate investment company and will no longer be a shareholder in Interros, the company said in a statement.
Prokhorov will resign as chief executive of Norilsk and will be replaced on the company’s board by Potanin, the statement said.
Prokhorov gained notoriety recently when French prosecutors detained him briefly on suspicion of being involved in a prostitution ring working out of a luxury Alps ski resort. He was released without charge.
In the Interros statement, Potanin said that the reorganization had been planned for some time. “We had discussed this step for several months,†he said.
Both men are among Russia’s wealthiest, each appearing on Forbes’ listing of billionaires last year with an estimated worth of $6.4 billion apiece.
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