Rusal Said to Snub Norilsk Offer, Commit to Interros Talks

United Co. Rusal, locked in a battle for control of OAO GMK Norilsk Nickel, rejected a $12.8 billion bid from the mining company to buy back 20 percent of its shares and proposed to start talks with fellow investor Interros Holding Co., said two people with knowledge of the matter.

Rusal, which rebuffed the bid at a board meeting yesterday, approved a special resolution that commits management to begin talks with Interros after Norilsk holds a shareholders’ meeting on March 11, said the people, who declined to be identified as the information is confidential. Rusal owns a 25 percent stake in Norilsk, the world’s largest nickel producer.