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.
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