OLIGARCHS BATTLE OVER RIGHT OF FIRST REFUSAL IN RUSAL

摘要

In United Co Rusal plc v Crispian Investments Limited [2018] EWHC 2415 (Comm), a right of first refusal clause, which applied when a shareholder sought to sell its shares in a company to a third party, was deemed to have not been properly triggered. The case involved Russian company, PJSC MMC Norilsk Nickel, the world's largest producer of nickel and palladium. The company had three principal shareholders: Crispian Investments Ltd, representing Roman Abramovich; Whiteleave Holdings Ltd, Vladimir Potanin; and United Company Rusal plc, Oleg Deripaska. The three corporate shareholders held 66% of shares, with the remaining 34% traded on the Moscow and St. Petersburg stock exchanges.