Federal Antimonopoly Service of Russia can block the holding of the share buyback procedures for MMC «Norilsk Nickel». The staff of the regulatory body was sent to administration official document warning about the possibility of buy-back illegal recognition (contrary to the provisions of the strategic investment). According to the articles of the Russian legislation, foreign companies must agree on an increase in its own package of assets (over 10%) with the Government Commission for Control of Foreign Investments, led by Prime Minister of the Russian Federation. A «Norilsk Nickel» that have long crossed the line already (including shares of «Interros», whose leadership, according to the FAS employees, belongs to the same group of shareholders with the owners of MMC). The precedent effect of control bodies to purchase «Norilsk Nickel» assets there: in October 2008 buy-back program of metallurgical plant has been frozen for several months by the decision of the Arbitration Court of Krasnoyarsk Territory. The initiator of the process when performed OK «Rusal», filing a lawsuit to invalidate the decision Metallurgical Plant Board of Directors to repurchase own shares. The representatives of «Interros» refute the information that Fund management and the management of «Norilsk Nickel» are a group of individuals. And assure shareholders that hold izyschut possible buy-back within the law.
14 October 2011
FAS Russia can prevent the buy-back Norilsk Nickel
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