Vladimir Potanin is striking while the iron is still hot. Shortly after snapping up two Russian banks in a post-sanctions fire sale, the largest shareholder and chief executive of $47 billion Russian metals group Norilsk Nickel is eyeing a takeover of $16 billion aluminium maker Rusal .
Norilsk Nickel definitely has the upper hand in any negotiations – it is bigger, more profitable and brings more to the table in terms of sanctions protection. As the United States learned in 2018, blacklisting Rusal had disastrous consequences for the global aluminium market. Sanctioning Norilsk Nickel would multiply the pain across nickel, copper, palladium and platinum – all metals key to the transition to a lower-carbon economy.
Putting such differences aside is easier now that they’re on the same side against a hostile West. If they can keep it going after the guns fall silent, Russia’s nickel and aluminium kings will have expanded both their realms.Vladimir Potanin, Norilsk Nickel’s chief executive and largest shareholder, said on July 4 he was ready to discuss a possible merger of the Russian mining giant with aluminium producer Rusal.
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