Deals
Norilsk Offers Rusal $12.8 Billion to Buy Back Shares
This article is for subscribers only.
OAO GMK Norilsk Nickel, the world’s biggest nickel producer, increased its offer to buy back shares held by billionaire Oleg Deripaska’s United Co. Rusal as it seeks to end an ownership feud.
Norilsk offered $12.8 billion in cash for 20 percent of its shares, the Moscow-based company said today in a statement. That’s a 43 percent premium to yesterday’s closing price. Rusal, which in December snubbed a $12 billion bid from Norilsk for its entire 25 percent holding, said today it would consider the latest proposal.