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RUSAL says Norilsk stake sale to own units unlawful

Monday, Sep 29, 2008
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MOSCOW, Sept 28 - RUSAL, the world's top aluminium producer and a major shareholder in Russian metals giant Norilsk Nickel , said on Sunday the sale of Norilsk shares to its own units, announced earlier, was unlawful. "A decision by Norilsk Nickel to channel cash of its subsidiaries to buy out the metal miner's shares is a flagrant violation of principles of corporate governance and of the rights of minority shareholders," RUSAL said in a statement. (Reporting by Aleksandras Budrys; Writing by Dmitry Solovyov; Editing by Paul Bolding) Source: Reuters

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