RUSAL rejects offer to sell Norilsk stake

MOSCOW (BestGrowthStock) – RUSAL (0486.HK: ) rejected an offer to sell its 25 percent stake in Norilsk Nickel (GMKN.MM: ) to the company, the world’s biggest nickel and palladium producer said on Tuesday.

Norilsk Nickel also said that Oleg Deripaska, who controls RUSAL, voted against Norilsk’s plan to boost its capitalization, which includes a share buyback.

A source told Reuters that Norilsk Nickel had offered to increase its offer for the stake to $14 billion from an original $12 billion, but RUSAL had asked for $16 billion.

Norilsk Nickel decided not to offer such a high amount, as it was concerned it could harm the company’s finances, the source said.

(Reporting by Polina Devitt. Writing by Toni Vorobyova. Editing by Robert MacMillan)

RUSAL rejects offer to sell Norilsk stake