Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

Potanin Offers Norilsk Stake

Vladimir Potanin said his Interros holding company will offer its stake in Norilsk Nickel, about 30 percent of the mining company, under a $4.5 billion buyback program.

"We will tender the whole stake," Potanin said Wednesday. "The main target of the buyback is to support Norilsk's shares when the market is unstable."

After the buyback, Interros will ask Norilsk to cancel 7.71 percent of the company's stock, he said. That would still leave Interros with more than 30 percent of Norilsk, he said. The holding company then plans to ask for approval to increase its stake to as much as much as 50 percent.

"We want such an opportunity, but haven't decided yet whether we will increase or not," Potanin said.

(Bloomberg)

Read more

Russia media is under attack.

At least 10 independent media outlets have been blocked or closed down over their coverage of the war in Ukraine.

The Moscow Times needs your help more than ever as we cover this devastating invasion and its sweeping impacts on Russian society.