UPDATE 2-Rusal Rejects Offer to Sell Norilsk Stake--Sources-Shanghai Metals Market

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UPDATE 2-Rusal Rejects Offer to Sell Norilsk Stake--Sources

Industry News 09:21:06AM Mar 04, 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.
 

Key Words:  Aluminium Al  RUSAL 

UPDATE 2-Rusal Rejects Offer to Sell Norilsk Stake--Sources

Industry News 09:21:06AM Mar 04, 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.
 

Key Words:  Aluminium Al  RUSAL