Interros proposes fresh Norilsk Nickel share buyback

© RIA Novosti . Ilya Pitalev / Go to the mediabankInterros proposes fresh Norilsk Nickel share buyback
Interros proposes fresh Norilsk Nickel share buyback - Sputnik International
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Interros, one of the core shareholders in Norilsk Nickel, has proposed that the metal giant's board of directors discuss a fresh buyback of the company's stock at an August 15 board meeting, Norilsk Nickel said on Wednesday.

Interros, one of the core shareholders in Norilsk Nickel, has proposed that the metal giant's board of directors discuss a fresh buyback of the company's stock at an August 15 board meeting, Norilsk Nickel said on Wednesday.

"At the request of the member of the Board of Directors, General Director of Interros Holding Company, S.V. Barbashev, the Board of Directors will discuss issues concerning the announcement of the ordinary share and American Depositary Receipts (ADR) buyback at a price determined considering the conditions offered to UC RusAl," Norilsk Nickel said in a statement.

Norilsk Nickel made a proposal to RusAl to repurchase RusAl's 20 percent stake for $12.8 billion in February 2011. That offer, however, was rejected by the aluminum giant.

RusAl controlled by Russian billionaire Oleg Deripaska, and Interros, the investment arm of another Russian billionaire Vladimir Potanin, have been locked in a struggle for control of Norilsk Nickel. RusAl claims the Norilsk board became dominated by officials linked with Interros after the AGM last summer, where RusAl lost one board seat, while Interros increased its representation.

Norilsk initiated a $4.5 billion buyback program in January, which was carried out by its Corbiere subsidiary. The program was to have been completed on February 10, but was suspended following a ruling by a court in the Federation of Saint Kitts and Nevis under a lawsuit filed by RusAl.

The aluminum company said the program would distort the company's structure.

Corbiere renewed the buyback after the Nevis court discharged its previous injunction on February 28, and completed the buyback in March, having acquired 7.2 percent of Norilsk's shares from minority shareholders.



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