Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Norilsk Rises as Shareholders May Seek to Cancel Shares

Don't Miss Out —
Follow us on:

May 31 (Bloomberg) -- OAO Norilsk Nickel rose to the highest in more than a week after Vladimir Potanin, a shareholder in the miner, signaled the company may cancel some of its undistributed stock held offshore by the end of this year.

Norilsk, the world’s largest producer of nickel and palladium, rose 1.2 percent to 4,924 rubles, the highest close since May 22, paring its monthly loss to 5.3 percent.

Norilsk may hold an investor meeting to vote on canceling as much as 10 percent of its treasury shares, Potanin, who holds a 28 percent in the company, told reporters in Moscow today.

“This is a good sign that the shares are likely to be canceled so they won’t be pressuring the market,” Valentina Bogomolova, an analyst at UralSib Capital in Moscow, said by phone.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.