Norilsk Nickel, Russia's largest nickel producer, has offered RusAl, the world's largest aluminum company and one of Norilsk core shareholders, $12.8 billion for its 20% stake in the company, Norilsk said on Friday.
"The company has invited the board of UC RusAl to consider the revised proposal and to either agree to the proposed transaction, or to call a meeting of UC RusAl's shareholders to consider it, on or before 6 p.m. Moscow time on March 4, 2011, otherwise the proposal will lapse," Norilsk said in a statement.
Last December, Norilsk Nickel offered RusAl $12 billion for its 25% stake in the company, but RusAl declined the offer.
"As part of the proposed transaction, UC RusAl, RusAl LLC and Norilsk Nickel will enter into a two year shareholders' agreement which will provide Norilsk with rights to direct the voting and disposal of the remaining shares in the company held by RusAl LLC," Norilsk said.
Norilsk considers that the transaction will be in interests of the company's shareholders by resolving an ongoing conflict between them.
RusAl, controlled by billionaire Oleg Deripaska, and Interros, an investment arm of another Russian billionaire Vladimir Potanin, have long been at odds over control of Norilsk Nickel. RusAl says the Norilsk board is dominated by officials linked with Interros after a June AGM, where RusAl lost one board seat, while Interros increased its representation.
MOSCOW, February 11 (RIA Novosti)
