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.
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