MOSCOW, Sep 13 (PRIME) — The board of directors of Russian metals giant Norilsk Nickel has approved, by a majority of votes, the parameters of a buyback offer worth up to U.S. $4.5 billion, the company said in a statement Tuesday.
The company plans to acquire about 7.71% of the outstanding charter capital at $306 per share.
Norilsk Nickel had previously offered the same share price for a 15% stake held by aluminum giant RUSAL, valuing the stake at $8.75 billion. RUSAL, which owns a blocking stake in the metals giant, rejected the offer on September 5.
Norilsk Nickel shares closed on Monday at $248.4 each on the Russian Trading System Stock Exchange (RTS).
Norilsk Nickels other shareholders include Interros, owned by Russian tycoon Vladimir Potanin, which holds 30% in the company, while shareholders of Russian metals holding Metalloinvest hold up to 4%.