Norilsk told to shelve buyback

first_img NORILSK NICKEL, the world’s largest nickel and palladium producer, said yesterday that it had suspended a buyback offer for more than seven per cent of its shares following a court order.A St Christopher & Nevis court issued the order following a legal complaint by Rusal.Norilsk Nickel’s Corbiere unit, which made the $252 (£156) per share offer, said it will contest the decision.“Corbiere does not believe that there is a basis for granting the injunction and intends to contest the order and the injunction relief granted,” it said in a statement.The court case in the Caribbean Federation of St Christopher and Nevis is part of a larger battle between Norilsk Nickel shareholders Oleg Deripaska and Vladimir Potanin.Deripaska (pictured), who controls a 25 per cent stake through aluminium giant Rusal, has clashed frequently with Potanin over the company’s strategy and the composition of its board.Sources have said the cash-rich miner might scrap its 2010 dividend to fund the share buyback, which will cost close to $3.5bn.This is seen as a blow to Deripaska, as he will not receive any funds to pay down debt at Rusal.Norilsk, whose board and management are seen as closely aligned with Potanin’s interests, sought in December to end the dispute by offering Deripaska $13bn for his stake. Norilsk told to shelve buyback Monday 7 February 2011 7:52 pm KCS-content More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes Share whatsapp Show Comments ▼ whatsapp Tags: NULLlast_img read more