RusAl Did Not Receive Offer

By The Moscow Times

Aug. 22, 2011

United Company RusAl said Monday that it has not received an official offer from Norilsk Nickel to buy back a 15 percent stake held by the world's largest aluminum producer in the nickel producer.

Norilsk's offer valued its shares at $306 apiece, a 20 percent premium, Moscow-based Norilsk said Aug. 19.

RusAl, which holds 25 percent of Norilsk, has rejected three offers since October 2010 to sell its holding, as billionaires Vladimir Potanin and Oleg Deripaska battle to control the world's largest nickel producer. RusAl shares have declined 36 percent so far this year in Hong Kong.

(Bloomberg)

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