Norilsk Nickel makes fresh attempt to buy back stake

Norilsk Nickel has agreed on terms to buy back its stake from minority shareholders for about US $4.5 billion, in a move which appears to copy a previous deal with Rusal.

The board of directors of the Russian mining giant agreed on Tuesday to offer a buy-back of 7.71 per cent of its share capital, with a share and an ADR priced at $306 and $30.6 respectively. In an official statement, Norilsk Nickel said the offer reflected the company’s policy of improving management within the company and providing for better treatment of its shareholders.“The offer satisfies the interests of the further increase of the company capitalization and corresponds to the best practice of corporate management. So, we will provide for the principle of equal and fair attitude of MMK Norilsk Nickel to all of its shareholders and ADR holders,” read the statement.