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Stick and carrot

20 January 2011 By Jason Bush

The Russian nickel miner may not pay a dividend this year, even as it spends $4.5 billion on share buybacks. This puts further pressure on RUSAL, the aluminium giant, to sell Norilsk its 25 percent stake in the group. RUSAL’s owner Oleg Deripaska may soon have no other choice.

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