Norilsk Nickel offers $8.75 bln to buy back RUSAL’s 15% stake in co

MOSCOW, Aug 24 (PRIME) — Russian metals giant Norilsk Nickel has sent an offer to buy back a 15% stake in the company from aluminum giant UC RUSAL, which currently owns 25% in Norilsk Nickel, for a total of U.S. $8.75 billion, Norilsk Nickel said in a statement Wednesday.

The majority of Norilsk Nickels board of directors approve of the offer, the company said.

Specifically, Norilsk Nickel plans to acquire about 28.6 million shares at $306 each, which represents a 20% premium to the average weighted price of the companys shares for the last six months.

The offer is valid until 6:00 p.m. Moscow time on September 5.

On February 11, Norilsk Nickel sent an offer to RUSAL to buy back a 20% stake for U.S. $12.8 billion, but the offer was rejected.

Norilsk Nickels other shareholders include Interros, owned by Russian tycoon Vladimir Potanin, which holds 30% in the company, while shareholders of Russian metals holding Metalloinvest hold up to 4%.


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