Russia's largest nickel maker Norilsk Nickel which is carrying out a $4.5 billion buyback program, will complete it on Wednesday having acquired 7.2% of Norilsk's shares from minority shareholders, Norilsk Nickel told RIA Novosti.
The buyback program was launched on January 27 and was to be completed on February 10, but Norilsk Nickel has said that a ruling by a court in the Federation of Saint Kitts and Nevis blocked the program following a suit from RusAl, the world's largest aluminum producer and one of Norilsk core shareholders. RusAl said the program would distort the company's structure.
On February 3, Corbiere suspended the program but renewed it after the Nevis court discharged its previous injunction on February 28.
RusAl, controlled by billionaire Oleg Deripaska, and Interros, the investment arm of another Russian billionaire Vladimir Potanin, have long been at odds over control of Norilsk Nickel. RusAl says the Norilsk board is dominated by officials linked with Interros following a June AGM, where RusAl lost one board seat, while Interros increased its representation.
MOSCOW, March 9 (RIA Novosti)
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