UPDATE 1-Norilsk selling most of its Stillwater stake

* Norilsk to sell of most of its stake in two sales

* Shares of Stillwater fall 7.4 percent

NEW YORK, Nov 29 (BestGrowthStock) – Russia’s Norilsk Nickel
(GMKN.MM: ) plans to sell off most of its majority stake in
platinum and palladium company Stillwater Mining Co (SWC.N: ) in
a public offering, driving down the U.S. miner’s shares by 7.4
percent.

Stillwater said on Monday that Norilsk subsidiary Norimet
plans a secondary offering of 37 million Stillwater shares and
will concurrently sell up to 7.8 million shares to UBS
(UBSN.VX: ) (UBS.N: ).

Stillwater has about 97.9 million shares outstanding,
according to Reuters data. It will not receive any proceeds
from the Norilsk sales.

Credit Suisse (CSGN.VX: ), JP Morgan (JPM.N: ), UBS and VTB
Capital are acting as joint book-running managers for the
offering.

Norilsk has offered the underwriters an option to buy up to
3.8 million additional Stillwater shares, and has offered UBS
an option to buy more than 1.1 million additional shares,
according to Stillwater.

If the offerings are completed, Norilsk’s stake in
Stillwater’s outstanding shares will be less than 10 percent.
Norilsk will have completely sold its stake in Stillwater if
the options are exercised in full.

Stillwater shares fell $1.48, or 7.4 percent, to $18.53 in
morning trading on the New York Stock Exchange.
(Reporting by Michael Erman; editing by John Wallace)

UPDATE 1-Norilsk selling most of its Stillwater stake