Norilsk to Buy $4 Billion of Shares From Unit to Cancel Stock

OAO GMK Norilsk Nickel (MNOD), Russia’s largest producer of the metal, agreed to buy $4 billion worth of shares in its Norilsk Nickel Investments unit from another subsidiary with a view to canceling the stake.

Norilsk will acquire the stock from its Corbiere Holdings unit by offsetting Corbiere’s debt to the same value, the company said today in statements on its website. Both units hold treasury shares in Norilsk and the transaction is needed to cancel a portion of those shares.

To contact the reporter on this story: Marina Sysoyeva in Moscow at msysoyeva@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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