Rusal - Norilsk Nickel buyback dispute to be heard on April 6
MOSCOW, February 28 - RAPSI, Sergei Feklyunin. A commercial court will hear on April 6 Rusal Investment Management's lawsuit against MMC Norilsk Nickel to cancel decisions made by the MMC board of directors, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Tuesday.
The MMC board of directors approved the buyback deal by a majority vote at a September meeting. The buyback results were reviewed in early December. Norilsk Nickel Investments, a Norilsk Nickel subsidiary, organized the transaction.
As part of the buyback, MMC purchased 14.7 million ordinary shares or 7.7 percent of its charter capital. The stake was worth $4.5 billion. One share cost $306, with ADR costing $30.6.
The buyback parameters fully corresponded with the parameters of the offer made to Rusal to buyout 15 percent of Norilsk Nickel. However, Rusal refused to accept the offer.
Rusal earlier reported that it does not support Nornickel's buyback. The company believes the procedure was not directed at securing all the shareholders' interests, but rather at benefiting Interros, a major shareholder that sought total control over the company and its funds.
Norilsk Nickel is a diversified ore mining and smelting company, and the world's leading nickel and palladium producer. It operates industrial facilities in the Norilsk industrial region and on the Kola Peninsula in Russia, Finland, the United States, Australia, Botswana and South Africa.