MOSCOW, March 12 - RAPSI. The Supreme Commercial Court held against Rusal's appeal to reconsider the Krasnoyarsk Territory Commercial Court's ruling on a transaction between Norilsk Nickel and the Third Generation Company of the Wholesale Electricity Market (OGK-3).
The court dismissed Rusal's claims to invalidate the Norilsk Nickel boards December 28, 2010 decision terminating its participation in OGK-3 and approving a contract to swap OGK and Inter RAO UES shares.
In late 2010, Norilsk Nickel's board decided to transfer its 80 percent stake in OGK to Inter RAO. The transaction envisaged Norilsk Nickel exchanging its stake in OGK-3 for a minority stake (about 10 percent of the shares) in Inter RAO with the further sale of the received assets.
Meanwhile, EuroSibEnergo, whose beneficiary is Oleg Deripaska's Rusal, also sought to purchase the stake in OGK-3.
According to Rusal, the decision regarding OGK-3 damages the interests of Norilsk Nickel and its shareholders, as OKG-3's aggregate portfolio is worth more than Inter RAO's.
Norilsk Nickel is the world's largest nickel producer (18 percent of the worldwide output) and palladium producer (nearly 50 percent of the worldwide output).
The company is also a leading platinum producer (about 13 percent of the worldwide output) and copper producer (about 2.5 percent of the worldwide output). The company also produces cobalt, chrome, rhodium, silver, iridium, ruthenium, selenium, tellurium and sulfur.