Nickel and platinum mining giant Norilsk Nickel is to sell treasury stock equal to four per cent of its charter capital, it was announced yesterday.

The sale will take the form of an accelerated bookbuilding offering to institutional investors and, pending approval from the board, will go ahead on November 19th, a statement from Norilsk said.

Price details of the offer were not disclosed, but Norilsk did confirm that Morgan Stanley will act as joint bookrunner and that a total of 7,498,950 of its common shares will be on offer.

News of the offer follows Norilsk's joint owners, the Russian oligarchs Vladimir Potanin and Mikhail Prokhorov's announcement that they are to press ahead with plans to split their assets.

Earlier this month, Norilsk was named the best company in the Russian mining and metallurgy sector in a poll of business figures conducted by Thomson Extel and Interfax.

Source:

Norilsk Nickel says selling 4 pct of its stock, 14/11/07
http://www.reuters.com/article/newIssuesNews/idUSL149748220071114

MMC Norilsk Nickel ranked the best company in the Russian mining and metallurgy sector, 08/11/07
http://www.nornik.ru/en/press/news/2229/


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