Bloomberg News

Cherkizovo Jumps Most in 15 Months on Plan to Buy 2% of Stock

September 28, 2011

Sept. 28 (Bloomberg) -- OAO Cherkizovo Group, Russia’s biggest poultry producer, headed for its strongest gain in more than a year after saying it will buy back as much as 2 percent of its stock.

The shares rose 6.6 percent, heading for the biggest increase since June 2010, to trade at 720 rubles at 5:52 p.m. in Moscow. Global depositary receipts will also be included in the buyback offer, Cherkizovo said today in a statement.

Cherkizovo intends to buy stock because the current market value “does not sufficiently reflect the fundamentals” of its performance, according to the statement.

Link to Statement:NSN LS8I7B3HBS3K <GO>

--Editors: Torrey Clark, Alex Nicholson

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net


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