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Rusal Challenges Norilsk’s $4.5 Billion Buyback in Russian Court
Edited by : AL CIRCLE
1 min read
United Co. Rusal (486), the world’s largest aluminum producer, filed a claim in a court in Russia’s Krasnoyarsk region challenging a $4.5 billion share buyback by OAO GMK Norilsk Nickel.
The aluminum company wants the court to annul decisions by Norilsk’s board on Sept. 13 and Sept. 21, a statement on the court’s website shows. Norilsk’s board approved the start of the buyback by unit Norilsk Nickel Investment Ltd. at these meetings.
Norilsk completed the buyback in November, during which it acquired 7.7 percent of the company from shareholders. Billionaire Oleg Deripaska’s Rusal, which holds 25 percent of Norilsk, opposed the deal, saying the program favored Vladimir Potanin’s Interros Holding Co., which controlled about 30 percent of the nickel producer before the buyback.
Rusal’s press-office confirmed that it filed the case, without making any further comment.
“Norilsk does all its corporate procedures in accordance with best practices,” Alisa Fialko, a Norilsk spokeswoman, said by e-mail. “There is no way that the company breached any rights of its shareholders.”
The aluminum company wants the court to annul decisions by Norilsk’s board on Sept. 13 and Sept. 21, a statement on the court’s website shows. Norilsk’s board approved the start of the buyback by unit Norilsk Nickel Investment Ltd. at these meetings.
Norilsk completed the buyback in November, during which it acquired 7.7 percent of the company from shareholders. Billionaire Oleg Deripaska’s Rusal, which holds 25 percent of Norilsk, opposed the deal, saying the program favored Vladimir Potanin’s Interros Holding Co., which controlled about 30 percent of the nickel producer before the buyback.
Rusal’s press-office confirmed that it filed the case, without making any further comment.
“Norilsk does all its corporate procedures in accordance with best practices,” Alisa Fialko, a Norilsk spokeswoman, said by e-mail. “There is no way that the company breached any rights of its shareholders.”
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