Potanin, Prokhorov Agreed About Divorce
Ex-partners Vladimir Potanin and Mikhail Prokhorov have neared the final split of the assets. The businessmen sealed a protocol, whereby Prokhorov becomes the majority holder at Polus Zoloto gold miner, while Potanin gets 2 percent in Norilsk Nickel and the stakes in RUSIA Petroleum and APK Agros.
Potanin and Prokhorov inked a memorandum September 14 that is to end the story of their divorce, said a source familiar with the situation around the asset split. The memorandum covers the property owned by both businessmen. The assets were evaluated based on their February worth, the source specified, - Prokhorov and Potanin signed the first protocol about the asset division exactly in February.
Under the document, Prokhorov’s ONEXIM Group gets around 35 percent in Polus Zoloto that used to be under control of Protanin’s firms based on the estimate of $3.6 billion (the Group owns roughly 30 percent in Polus already). In return, Potanin gets their joint asset fund, which owns the basic portion of assets that are yet in common ownership, including 95 percent in APK Agros and 25.8 percent in RUSIA Petroleum (the overall estimate is $1 billion). Besides, Potanin obtains 2 percent in Norilsk Nickel worth $1.2 billion.
Prokhorov was to pay $1.4 billion to Potanin in February prices. But there was a discount “in view of the changes in dollar’s worth,” the source said. The partners agreed on $1.05 billion and the money will be transferred in two installments – Prokhorov will pay $700 million immediately and provide the remainder in May of 2009. The deal will be closed within a month, the source said.
But the milestone is OPIN (Open Investments) developer. If Potanin accepts Prokhorov’s offer and buys out OPIN, he will have to pay $587 million in addition. If not, Prokhorov will pay $1.05 billion and the partners might clash anew in OPIN.