Metals News
UPDATE 2-Rusal Rejects Offer to Sell Norilsk Stake--Sources
industry news
09:21AM
Mar 4,2011
Source:SMM

MOSCOW, March 3 (Reuters) - The board of Russian aluminium giant RUSAL (0486.HK: Quote) rejected on Thursday Norilsk Nickel's (GMKN.MM: Quote) offer to buy 20 percent of its shares, sources close to RUSAL board told Reuters.

Last month, Norilsk offered to buy 20 percent of its shares from RUSAL for $12.8 billion, which would leave the aluminium giant -- majority owned by entrepreneur Oleg Deripaska -- with a 5 percent stake. The deadline for the offer is March 4.

Norilsk Nickel and RUSAL could not be reached for immediate comment.

RUSAL's decision to keep the stake means the fight for control of Norilsk Nickel between entrepreneurs Deripaska and Vladimir Potanin will continue.

The next round is set for March 11, when Norilsk Nickel will hold an EGM to elect a new board.
 

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