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"RUSAL" once again rejected the proposal to sell shares "Norilsk Nickel"

6 September 2011

The conflict between the owners of blocking packages of shares of «Norilsk Nickel» is not permitted: September 5 (for a few minutes before the deadline specified in the offer), the Board of Directors of «RUSAL» took a unanimous decision to reject the offer to sell that belong to this group of shareholders 15% of the assets of 8.75 billion U.S. dollars. According to representatives of «UC Rusal», the offer made by Norilsk Nickel was not in accordance with the fundamental price of a blocking stake of the metallurgical assets of the company, which for the group Prokhorov, Vekselberg, Deripaska is one of the most important components of the investment portfolio. Recall that in the offer put forward by RUSAL few weeks earlier, it was about the willingness of Norilsk Nickel to buy back a large part of the 25% stake owned by aluminum Corporation, at a price of $306 per unit, which exceeds the market value of these securities is 20%. Moreover, the latest proposal by the group of shareholders friendly to Vladimir Potanin, was less generous (in comparison with previous offers). In the beginning of the year, Norilsk Nickel offered to buy RUSAL shares with a 40% premium to the market price, and the amounts of previous contracts included in figures 9−12,8 billion.

4 September 2011
7 September 2011