Russia’s Norilsk Says Wins Court Case Over Buyback

Reuters Africa reported Norilsk Nickel (LSE:MNOD) has successfully defeated all claims made by UC RUSAL (HKG:0486) against it.

As quoted in the market news:

Norilsk Nickel was forced to suspend a multi-billion dollar share buyback offer in February after the court issued an injunction against it following a complaint by RUSAL, the world’s largest aluminium producer and a Norilsk shareholder.

However, after the court cancelled the injunction later that month it proceeded with the share repurchase, ultimately buying back 14.7 million shares for $4.5 billion.

Click here to read the full Reuters Africa report.