20 May 2010

Shareholders of Erament in New Caledonia to vote on company control

10:35 am on 20 May 2010

Shareholders in Eramet the major nickel producer in New Caledonia, will decide today who comes out on top in a battle for control of the giant miner.

The Duval family, the single largest shareholder with 37 percent is being challenged by businessman Roman Zaleski who has 12.9 percent of the company over management control.

Mr Zaleski has also taken legal action to press his claim that the Duval family, which bought into Eramet in 1999, should be ousted from management following a series of disputed deals.

Analysts say Mr Zaleski is unlikely to be successful given that the board has already recommended shareholders vote down his proposals and French nuclear giant Areva, with a 25 percent state, looks set to support the Duval family.