Viktor Vekselberg and Leonid Blavatnik’s SUAL Partners can sue Oleg Deripaska for breaching a shareholders’ agreement. Deripaska’s United Co. RusAl is reported to have overridden the objections of other shareholders in planning to sign a long-term contract to sell 80% of its export of aluminum to Glencore International Plc., which owns 8.75% stake in RusAl. The board of RusAl approved the contract in November.

RusAl exports about 70% of its aluminum, which will give Glencore control of more than half of the company’s sales, according to Rumafia.

SUAL Partners, which holds over 15.8% of the aluminum producer, vetoed the deal with Glencore on grounds that RusAl, headed by Oleg Deripaska, who owns 47.41% of its shares, made a contract offer to
Glencore without tender or bidding from other traders. In accordance with the shareholders’ agreement, Mikhail Prokhorov’s Onexim Group, which holds 17.02% stake in RusAl, also vetoed the deal, despite the company’s initial wish to approve it. On the contrary, Deripaska’s company breached the shareholders’ agreement by approving the deal.

The contract between RusAl and Glencore has not been signed yet, and so far the deal has not infringed damages on RusAl shareholders. However, SUAL has announced its concerns. The parties will try to resolve the conflict, according to internal procedures. If it is not done until the end of December, SUAL Parners will bring the case to the court.