Norilsk Rises as Shareholders May Seek to Cancel Shares
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.
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