RusAl's Norilsk Stake Buy Approved

United Company RusAl, the world's largest aluminum producer, received approval from the Federal Anti-Monopoly Service to buy 29 percent plus one share in Norilsk Nickel, the body said on its web site Thursday.

RusAl needs anti-monopoly permission from seven countries to buy the stake. The aluminum producer agreed to buy 25 percent of Norilsk from billionaire Mikhail Prokhorov after his former business partner Vladimir Potanin declined to buy the shares. Prokhorov will get 11 percent of RusAl and an unspecified amount in cash for his 25 percent stake.

Prokhorov needs to untangle his joint ownership of the KM Invest holding company with Potanin to be able to sell an additional 4 percent in Norilsk held by KM Invest.

Norilsk is considering buying back shares worth up to $5 billion in a bid to help Potanin avoid a takeover by RusAl, Vedomosti reported Thursday.