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%.