The Kremlin has decided against pushing for the creation of a metals super-major, Vedomosti newspaper reported on Friday, a day after a meeting between President Dmitry Medvedev and top Russian metals tycoons.
Medvedev met Oleg Deripaska, the main owner of aluminium giant UC RUSAL and co-owner of Norilsk Nickel (GMKN.MM: Quote), as well as Norilsk's largest shareholder, Vladimir Potanin, and its chief executive Vladimir Strzhalkovsky.
The Kremlin said in a statement late on Thursday Medvedev discussed measures to support the metals industry during the financial crisis.
Vedomosti quoted sources close to businessmen as saying the main outcome of the meeting was a decision to abandon the idea of a super-merger, in which Norilsk would have played a key role.
The idea to merge some of Russia's biggest metals firm surfaced at the end of last year and was seen as an attempt by Russia's metals elite to settle the problem of their huge debts to Western banks by seeking a state bailout.
(Reporting by Dmitry Zhdannikov; editing by John Stonestreet)
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