Norilsk Nickel said Monday that it has successfully defeated all claims made by RusAl against it in a court in the Caribbean's St. Christopher & Nevis.
Norilsk was forced to suspend a multibillion-dollar share buyback offer in February after the court issued an injunction against it following a complaint by RusAl, a Norilsk shareholder.
However, after the court canceled the injunction later that month it proceeded with the share repurchase. Norilsk said it would sue RusAl for damages and legal expenses. RusAl said in a statement that it would appeal the decision. The company, which owns 25 percent of Norilsk Nickel, has also filed claims in several other jurisdictions.
(Reuters)
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