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Trader Trafigura buys 8% of Norilsk

Publishing Date
20 Dec 2010 5:18pm GMT
Mining Journal

OJSC Norilsk Nickel has sold 8% of its share capital to commodity trader Trafigura Beheer BV.

The proceeds from the sale of the ADR’s from treasury will be used for general corporate purposes, according to the company.

Norilsk says the deal “further strengthens the relationship” between the two companies.

Trafigura is the world’s largest independent oil trader and the second largest independent non-ferrous metals trader.

Using, Norilsk’s current market capitalisation of about US$44 billion, the stake is worth US$3.5 billion.

Trafigura has indicated it does not intend to increased its holding to over 10% and has also entered into a lock-up agreement not to sell its shares until after June 30, 2011.

Last week Norilsk offered to buy-back a 25% stake from UC Rusal for US$12 billion in cash, which would have ended a long running tussle for the company by the aluminium giant and other 25% shareholder Interros Holding Co. Rusal said it had no intention of selling.

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