An ambitious plan to create one of the world’s biggest mining groups through the merger of up to five Russian companies has been proposed by two billionaire tycoons.

Oleg Deripaska and Vladimir Potanin, the two biggest shareholders in Norilsk Nickel, have proposed the merger as the groups seek to restructure tens of billions of dollars in debts.

The other companies includeMetalloinvest, the iron ore and steel group owned by Arsenal Football Club shareholder Alisher Usmanov; Evraz Group, the steel group part-owned by Chelsea Football Club owner Roman Abramovich; Mechel, another steel group; and Uralkali, the potash producer.

The proposal, which is to be discussed on Tuesday with Igor Sechin, the deputy prime minister, would see the state take a 25 per cent blocking stake in the company in return for writing off more than $27bn in total debts held by all the companies, people close to Mr Deripaska and Mr Potanin said.

They said the proposal would create a company with a market capitalisation of $70bn-$100bn (£50bn£70bn) and earnings before interest, tax, depreciation and amortisation of $23bn.

The state would hold its stake via Russian Technologies, a state-owned conglomerate controlled by Sergei Chemezov, a close ally of Vladimir Putin, the Russian prime minister.

UC Rusal, the aluminium group controlled by Mr Deripaska, would not be part of the merger plan but would contribute its 25 per cent stake in Norilsk.

But Mr Usmanov told the Financial Times he would only back a merger of Metalloinvest with Norilsk and Russian Technologies, while any expansion of the merger would “slow down the chances for a quick deal”.

“We are waiting for an answer from the shareholders of Norilsk,” he said.

If there was no merger with Norilsk, he said Metalloinvest would pursue a separate merger with Russian Technologies, with which it is already partners in a copper deposit in Siberia, in order to restructure its $5bn in debts.

A senior economic adviser to Dmitry Medvedev, the Russian president, said he doubted that such a huge merger could go ahead. “I don’t think there are enough synergies to put these companies together,” Arkady Dvorkovich told the FT yesterday.

Interros yesterday confirmed the shareholders were forwarding a proposal for a merger. Rusal declined to comment as did Evraz, Mechel, and Uralkali.

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