UPDATE 1-Russian retailer O'Key sales growth slows in Q3


The LF sales growth was driven by a 6.7 percent increase in the average bill, while traffic, or the number of transactions, was down 0.8 percent.However, in September O’ key posted positive LF traffic, it said, without giving details.The company opened two stores in the period — one hypermarket and one supermarket — increasing selling space to more than 300,000 square metres.In January-September, the company’s sales were up 11.5 percent year-on-year to 64.2 billion roubles.


RPT-UPDATE 1-Russian watchdog questions Norilsk share buyback


* Norilsk says it is not breaking any laws* Norilsk board approved $4.5 bln buyback offer in SeptMOSCOW, Oct 12 (Reuters) - Russia’s anti-trust body has written to Norilsk Nickel questioning aspects of its planned share buyback, a development that analysts said may delay the metals group’s $4.5 billion share purchase.Norilsk said it was proceeding with the buyback and was preparing a response to the Federal Anti-Monopoly Service (FAS). The FAS could not be reached for comment.”The FAS letter confirms that the buyback is only possible with the permission of the government commission (on foreign investments, headed by Prime Minister Vladimir Putin),” Norilsk shareholder UC RUSAL said in an e-mailed statement.”Without the permission, all Norilsk deals within the buyback are null and void.”In a separate press release issued late on Wednesday, Norilsk Nickel also said it is not breaking the investment law.”The Company believes that completion of the offer to purchase…will not violate the Strategic Investment Law,” it said in the statement.Norilsk’s board approved on Sept. 13 a buyback of 7.7 percent of its shares at $306 each, a total of $4.5 billion.The offer came after the board of the world’s biggest aluminium producer, RUSAL, rejected an offer for its Norilsk shares, also at $306 each.Norilsk has been pushing for a buyback to resolve a long-standing dispute between rival oligarchs Vladimir Potanin, whose Interros investment company holds about 30 percent of Norilsk, and Oleg Deripaska, who controls RUSAL.Alfa Bank analysts said the letter referred to an article of the law on competition.This states a group of investors controlling more than 10 percent of shares, or a foreign investor buying shares in a strategic company, must first receive approval from the commission.”The most likely outcome is that the commission will grant approval, but the process may delay the buyback,” Alfa Bank said in a note.Norilsk said it was preparing a response to the government body.”The letter does not contain any demands and is just part of an exchange of letters between the company and the FAS started in August 2011, following appeals by RUSAL and Norilsk,” it said in a statement.”Currently, the (buyback) programme is proceeding at full speed in accordance with the announced conditions.”RUSAL and Norilsk declined to provide a copy of the letter.


I get really sad thinking about you. It makes me realize that what we had was sooo rare, and that I dont think ill ever find something like that again. It was honestly unreal. It was like living a dream with you. I mean, I guess I dont want me back, but im sad that we even broke up in the first place. Going out with other guys just isnt the same as being with you. I miss you. So much. I’ll love you forever. 

Text
Photo
Quote
Link
Chat
Audio
Video