Support The Moscow Times!

Norilsk $1.2Bln Buyback On

Norilsk Nickel began buying back $1.2 billion of its shares, drawing accusations from shareholder United Company RusAl that managers are trying to seize control of the company.

Norilsk unit Corbiere Holdings will buy the stock, Norilsk said Tuesday. A purchase of $1.2 billion represents as much as 2.3 percent of Norilsk at current market prices.

The buyback is the second this year and follows the failure by aluminum maker RusAl to block previous purchases in the courts. Norilsk earlier spent $3.3 billion to buy back a 6.85 percent stake, Corbiere said Monday.

(Bloomberg)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.