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Norilsk Nickel's share buyback aimed to fend off takeover
RBC, 31.01.2008, Moscow 15:06:20.Norilsk Nickel Mining and Metallurgical Company may resolve to buy back its shares to thwart a takeover by UC RUSAL, analysts polled by RBC tend to believe. However, Norilsk Nickel itself has made no official comment so far on media reports alleging its buyback plans. Such a move would indicate Vladimir Potanin's reluctance to sell its stake to RUSAL, as he would like to derive maximum benefit from the deal, some experts say. However, if Norilsk Nickel chooses to buy shares on behalf of a subsidiary, and the shares are entitled to vote, this would complicate the already intricate ownership structure, and the merger of Norilsk Nickel and RUSAL on the whole, as in this case RUSAL would have to buy such stake as well. The buyback price shall not be below the half-year average of $254 per share, while the current quotes are 5 percent lower. In November 2007, Norilsk Nickel placed 7.5m treasury shares, and analysts admit the price could be as high as that one now. The news on Norilsk Nickel's intention to buy back its stock could drive up its market share price.
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