Potanin returned a 2% stake in Norilsk Nickel

Russian billionaire Vladimir Potanin has returned a 2% stake in Norilsk Nickel to Roman Abramovich and his partners, according to a source in the holding that manages Potanin's assets and a source familiar with the matter.

The initial sale of the stake was contested in a London court by the manufacturer Rusal, which owns the stake in Nornickel.

Oleg Deripaska, co-owner of Rusal, wanted to stop Abramovich from selling his stake, saying that the sale would violate the 2012 shareholders agreement.

In June, a London High Court ruling sided with Deripaska, saying that Abramovich, known in Britain as the owner of Chelsea Premier League football club, had no right to sell the stake to Potanin.

"The deal was canceled," a source at Interros, the holding that manages Potanin's assets, said on Monday. "The decision on a possible appeal will be made after we receive the statement of reasons from the London court."
In March, Potanin bought a 2% stake in Norilsk Nickel from Abramovich for $ 800 million and increased his holding to 32.9%. He promised to return the package to Abramovich if a London court ruled against the deal.

The London judge has yet to detail his reasons. In June, he said it would be published "at a later date."

Norilsk is one of the world's largest producers of nickel and palladium.

The long-term battle between Deripaska and Potanin for control of the company was marred by US sanctions against Deripaska and some of his companies, including Rusal, in April.