Bloomberg News

Norilsk Advances on Signal Buyback Program Won’t Face Challenge

October 24, 2011

OAO GMK Norilsk Nickel, Russia’s biggest mining company, rose (NILSY:US) in New York after the country’s commission on foreign investment signaled it may let the company complete a $4.5 billion share buyback.

The commission didn’t review the buyback today and the question wasn’t on the agenda, Dmitry Peskov, a spokesman for Prime Minister Vladimir Putin, said by phone. That suggests authorities won’t challenge the program, Alexander Pukhaev, an analyst at VTB Capital in Moscow, said in a phone interview.

The panel was asked by the Federal Anti-Monopoly Service to review the buyback, Kommersant said last week, citing unidentified people.

The ADRs, representing one-tenth of an ordinary share, rose 0.2 percent to $21.59 at 3:05 p.m. in New York, and earlier gained as much as 0.5 percent. They have advanced 12 percent since Oct. 4, when they reached the lowest in 11 months.

In Moscow, shares gained 1 percent to 6,637 rubles.

To contact the reporter on this story: Halia Pavliva in New York at hpavliva@bloomberg.net;

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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Companies Mentioned

  • NILSY
    (MMC Norilsk Nickel OJSC)
    • $15.1 USD
    • 0.26
    • 1.72%
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