Shares in Russian pipe maker TMK jump as it plans buyback, delisting from LSE

MOSCOW (Reuters) - Russia's biggest steel pipe maker, TMK , has decided to delist its global depositary receipts (GDRs) from the London Stock Exchange amid the market volatility, the company said on Wednesday. TMK's shares in Moscow and GDRs in London rose by 22% as the company also announced its plan to buy back some of the ordinary shares with a market premium before the delisting. Holders of TMK's GDRs will be able to take part in the buyback if they cancel their GDRs and receive ordinary..