Bloomberg News

Norilsk Nickel Approves Buyback Shares; Rusal Opposes Move

August 22, 2008

OAO GMK Norilsk Nickel (GMKN), Russia's largest mining company, will buy back a stake of about 4 percent on a pro-rata basis at 6,167 rubles ($253) a share.

The company will buy back as many as 7.95 million shares, Moscow-based Norilsk said today in a statement on its Web site.

United Co. Rusal, Norilsk's second-largest shareholder, opposes the buyback because it doesn't represent the best value for all of the nickel company's investors, Moscow-based Rusal said today in a separate e-mailed statement.

To contact the reporters on this story: Yuriy Humber in Moscow at yhumber@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net


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