Bloomberg News

Norilsk Sticks to Buyback Plan as Regulator Questions Validity

October 12, 2011

Oct. 12 (Bloomberg) -- OAO GMK Norilsk Nickel, Russia’s largest mining company, plans to press ahead with a share buyback even after the Federal Anti-Monopoly Service said the program may require state approval.

The buyback, which began Sept. 28, doesn’t breach the Law on Foreign Investment, Norilsk said today in a website statement after receiving a letter from the antitrust agency. The regulator hasn’t banned the company from accepting offers from shareholders tendering their stock, it said.

--Editors: Amanda Jordan, Alex Devine

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

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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