Russian billionaire Potanin will not join in Nornickel buyback

Russian billionaire Vladimir Potanin has decided not to take part in a buyback of Nornickel shares, his Interros Holding said on Friday, increasing the proceeds of aluminium producer Rusal from the deal.

Potanin owns a 34.6% stake in Nornickel, which plans to buy up to 3.4% of its shares for $2-billion, in partial compensation for a smaller than expected 2020 dividend.

Potanin's stake in Nornickel, a leading nickel producer and the world's largest producer of palladium, will rise after the buyback as the miner will cancel all of the shares it purchases, excluding 0.5% to be kept for an employee programme.