Russia's aluminum producer Rusal said Monday it has withdrawn its earlier objection to Norilsk Nickel's plan to buy back common shares and American depositary shares through tender offers.
Rusal holds a 25% stake in Norilsk, which is a Russian producer of platinum group metals and nickel.
Separately, Norilsk earlier this month offered to buy back a 20% stake for $12.8 billion in cash from Rusal, which the latter rejected last week.
On February 7, Rusal made an application with Russia's Eastern Caribbean Supreme Court of St. Christopher & Nevis seeking to "halt the adverse impact of the buyback and sale of Norilsk shares to Trafigura," Rusal said.
But in Monday's statement, Rusal clarified its position, saying: "The injunctive relief obtained from the Nevis court by Rusal does not prohibit the completion of the buyback.
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