OAO GMK Norilsk Nickel’s planned cancellation of 10 percent of treasury shares by February will alter the balance of power in Russia’s largest mining company, according to Troika Dialog.

The shareholding of billionaire Vladimir Potanin and Norilsk management will decline to 39 percent from 45 percent, while the combined interest of Oleg Deripaska’s United Co. Rusal (486) and Alisher Usmanov’s Metalloinvest (METIN) will rise to 32 percent from 29 percent, Mikhail Stiskin, an analyst at Troika, said in a note today.

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