A court in the Federation of Saint Kitts and Nevis has ordered Russia's largest nickel miner Norilsk Nickel to suspend its $4.5 billion buyback program following a suit from shareholder RusAl, the world's largest aluminum producer, Norilsk said on Monday.
"The ruling was made after a hearing in the absence of the litigant, United Company RusAl and UC RusAl Investment Management, and without taking into account the interests of many Norilsk shareholders, who have duly submitted their shares for sale, but have not signed sales and purchase agreements, or who have already transferred their shares, but have not received payment," Norilsk said.
The buyback program was launched on January 27, 2011 and was to be completed on February 10. Under the program, Norilsk planned to buy its shares at $252 per share, or $25.20 per American Depositary Share.
RusAl, controlled by billionaire Oleg Deripaska, and Interros, an investment arm of billionaire Vladimir Potanin, have long been fighting for control over the mining giant. RusAl claims the Norilsk board has become dominated by officials linked with Interros after a June AGM, when RusAl lost one board seat, while Interros increased its representation.
MOSCOW, February 7 (RIA Novosti)
