Norilsk Nickel is planning to spend up to $4.5 billion on buying back its shares from the market, The Moscow Times reports. Norilsk may buy 14.7 million ordinary shares or American depositary receipts (ADRs) at $306 per share and $30.6 per ADR, almost the same terms it offered to UC Rusal.
The move follows UC Rusal’s decision to not sell its 15 percent stake in the nickel miner. Norilsk Nickel’s board of directors will consider the buyback on September 13. The company is acting on behalf of the shareholders and is planning to ensure equal access of this offer to all the shareholders.
Click here for the story from The Moscow Times.