Norilsk Nickel to complete OMG deal in early Marchadmin
Norilsk Nickel is set to close the deal with OM Group Inc. (USA) on March 1, 2007. Norilsk Nickel will thus acquire OMG’s nickel assets for $408m, the Russian company’s press office said. The European commission approved the deal on February 6.
OMG nickel assets include a nickel refining facility in Finland, nickel ore mining and leaching unit Cawse in Western Australia, 20 percent in MPI Nickel Pty. Ltd. (licensed to mine nickel at Black Swan and Silver Swan deposits and operate the Honeymoon Well project), up to 11.1 percent of common shares and convertible debentures in Talvivaaran Kaivososakeyhtio (Finland). The deal will help Norilsk Nickel boost its refining capacity by 60,000 tonnes of nickel a year and its nickel output will rise by some 35,000-40,000 tonnes.
Norilsk Nickel will also sign an agreement for cobalt supplier to OMG for 5 years.