Interros President Vladimir Potanin, on the photo, and Mikhail Prokhorov will get funds generated because of disposal of South African Gold Fields.
Photo: Alexander Miridonov
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Norilsk Nickel to Settle Accounts with Holders
Norilsk Nickel will pay dividend and buy out stocks for nearly $1 billion at the same time, the company announced Friday. This move will allow Vladimir Potanin and Mikhail Prokhorov, who are principal holders in Norilsk Nickel, to get funds generated from disposal of South African Gold Fields.
The fall payment of dividend is a good tradition of Norilsk Nickel. During three years in a row, the BOD adds the nine-month dividend settlement to the order of business of the EGM, increasing the amount from year to year. This year’s dividend is expected to reach 56 rubles/stock ($2.1), or 10.7 billion rubles overall.
The second good news for the holders was the BOD’s decision to buy out up to 7.5 million stocks (around 3.9 percent) from them, spending 26.3 billion rubles (or $980 million) for this purpose. The offer will be valid for a month and is aimed at majority holders, the analysts speculate.
Interros owns around 53 percent in Norilsk Nickel now, but it needs 50 percent plus a stock to control it, said Dmitry Skvortsov, analyst of the Bank of Moscow, supposing Interros offered the buyout instead of bringing such big stake to the market, as the latter would cause its collapse.
www.kommersant.com
All the Article in Russian as of Oct. 09, 2006
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