Support The Moscow Times!

Watchdog Opines Buyback

United Company RusAl said the Anti-Monopoly Service has confirmed its view that a planned share buyback by Norilsk Nickel cannot go ahead without consent from the state.

The letter "confirms that the buyback is only possible upon permission from the government commission," RusAl said. "Without such a permission, any buybacks conducted by Norilsk Nickel are void."

The antitrust watchdog wrote to Norilsk, billionaire Vladimir Potanin's Interros and Citigroup, which is managing the buyback, saying it may require special approval, Vedomosti reported Wednesday.

Norilsk, which is carrying out the buyback via a unit registered outside Russia, forms a single group with Interros and therefore requires permission from the foreign investment commission to buy the shares, the newspaper said.


Read more

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

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.