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Bloomberg reported OAO GMK Norilsk Nickel (LSE:MNOD) may end up having to make an offer to repurchase more shares should an appeal court uphold a ruling against its latest buyback, lawyers say.
Bloomberg reported OAO GMK Norilsk Nickel (LSE:MNOD) may end up having to make an offer to repurchase more shares should an appeal court uphold a ruling against its latest buyback, lawyers say.
As quoted in the market news:
A regional court earlier this month ruled that the board of Norilsk had no right to approve the $4.5 billion buyback, on the grounds that it broke the law on foreign investments.
The court said that Norilsk and billionaire Vladimir Potanin’s Interros Holding should be regarded as one shareholder, giving them a combined stake in excess of 30 percent. That may force the company to make a mandatory offer to minority shareholders, according to Dmitry Lobachev, a lawyer at Khrenov & Partners in Moscow.