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Norilsk Pares Drop as Board Orders Management to Prepare Buyback

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June 28 (Bloomberg) -- OAO GMK Norilsk Nickel pared declines after its board, led by billionaire Vladimir Potanin’s Interros Holding, ordered management to lay out plans for buying back up to 2 percent of the Russian metals producer’s stock.

The shares traded down 0.4 percent at 5,386 rubles as of 6:01 p.m. in Moscow after losing as much as 1 percent earlier.

“We just want the board to grant management the right to buy stock from the open market when the price is low, which should support the value,” Potanin said yesterday.

To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net

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

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