MOSCOW, February 1 - RAPSI. The court will begin hearing on February 28 Rusal Investment Management's lawsuit against Norilsk Nickel, in which the plaintiff seeks to invalidate a decision approved by its board during September 13 and September 21 meetings on the buyout of shares.
Nornickel approved the parameters of the buyback by a majority vote. The results were summed up in December. Norilsk Nickel Investments - a Norilsk Nickel subsidiary -organized the buyback.
As part of the transaction, 14.7 million ordinary shares were purchased, or 7.7 percent of its charter capital. The stake was worth $4.5 billion. One share cost $306, with ADR costing $30.6.
The buyback parameters fully corresponded with the parameters of the offer made to Rusal to buyout 15 percent of Norilsk Nickel. However, Rusal refused to accept the offer.
Rusal earlier reported that it does not support Nornickel's buyback. The company believes the procedure was not directed at securing all the shareholders' interests, but rather at benefiting Interros, a major shareholder that sought total control over the company and its funds.
Norilsk Nickel is a diversified ore mining and smelting company, and the world's leading nickel and palladium producer. It operates industrial facilities in the Norilsk industrial region and on the Kola Peninsula in Russia, as well as in Finland, the United States, Australia, Botswana and South Africa.