RAPSI News reported that the Krasnoyarsk Territory Commercial Court has postponed until July 2nd 2012 the hearing in RUSAL Upravlenie Investitsiyami's lawsuit against Norilsk Nickel. The lawsuit seeks to invalidate the Norilsk Nickel board's decisions adopted at share redemption meetings on September 13th 2011 and September 21st 2011.

The Norilsk Nickel board approved the buyback deal by a majority vote at a September 2011 meeting. The buyback results were reviewed in early December 2011. Norilsk Nickel Investments, a Norilsk Nickel subsidiary, organized the transaction.

As part of the buyback, Norilsk Nickel purchased 14.7 million ordinary shares or 7.7% of its charter capital. The stake was worth USD 4.5 billion. One share cost USD 306, with ADR costing USD 30.6.

The buyback parameters fully corresponded with the parameters of the offer made to RUSAL to buyout 15% of Norilsk Nickel. However, RUSAL refused to accept the offer.

RUSAL earlier reported that it does not support Norilsk Nickel's buyback. The company believes the procedure was not directed at securing all of the shareholders' interests, but rather at benefiting Interros, a major shareholder that sought total control over the company and its funds.

Source - RAPSI News

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