RTRS:Norilsk Nickel approves buyback of own shares
MOSCOW, Sept 13 (Reuters) - The board of Norilsk Nickel , the world's largest nickel and palladium producer, approved on Tuesday a public buyback of its shares at $306 per ordinary share and $30.6 per ADR.
The offer came after the board of the world's top aluminium producer, UC RUSAL , rejected last week the $8.75 billion buyback offer, at the same price.
Norilsk said in a statement it has offered the buyback to other shareholders, using cash totalling up $4.5 billion, which would allow it to acquire 7.71 percent of the company. (Reporting by Vlasta Demyanenko; Writing by Lidia Kelly; Editing by Andrey Ostroukh)
