Two Russian Giants To Merge

Shareholders of Russia's diamond giant Alrosa and metals giant Norilsk Nickel have discussed a possible merger of the two companies, the Interfax news agency reported.

Rumors have long circulated that the state hopes to use Alrosa, the world's second-biggest diamond miner after South Africa's De Beers, to increase the state's control of Norilsk Nickel - a tactic the Kremlin has been aggressively pursuing in the strategically important oil sector. Alrosa is 37% owned by the federal government.