Norilsk Jumps Most in 5 Weeks on New Buyback Offer

Feb. 11, 2011 02:54PM PST

Bloomberg reports that Norilsk Nickel (LON:MNOD) rallied the most in five weeks in Moscow trading after it increased its offer to buy back shares from United Co. Rusal (ETR:R6L1) in a bid to end an ownership feud.

The market news is quoted as saying:

Norilsk shares climbed as much as much as 5.3 percent, the biggest intraday gain since Dec. 29, before trading 4.3 percent higher at 7,145.45 rubles at 6:45 p.m. in Moscow. Rusal’s depositary receipts added 3.8 percent to 501.49 rubles.

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