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Rusal Jumps to Two-Month High on Norilsk Nickel Dividend Wagers

Nov. 26 (Bloomberg) -- United Co. Rusal, the Russian aluminum producer that holds a 25 percent stake in OAO GMK Norilsk Nickel, climbed to the highest level in almost two months on bets Roman Abramovich’s possible acquisition of a stake in Norilsk will boost dividends.

Rusal rose 1.7 percent to 184.07 rubles by the close in Moscow. The amount of shares traded was 229,520, equivalent to 1.3 times the three-month average.

Oleg Deripaska, Rusal’s chief executive officer, is urging fellow billionaire Abramovich to buy a stake in Norilsk, three people familiar with the matter said. Under Deripaska’s plan, Abramovich would buy about 6.9 percent of Norilsk from the company’s treasury stock, said the people, who declined to be identified because talks are preliminary.

“Abramovich has been promoting higher dividends at the companies where he is a shareholder, like Evraz, Raspadskaya,” Valentina Bogomolova, an analyst at UralSib Capital, said by phone from Moscow. “If he pushes for a dividend increase at Norilsk, this would be very good for Rusal shareholders.”

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

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