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Another proposal of Norilsk Nickel to RUSAL significantly cheaper

22 August 2011
Another proposal of Norilsk Nickel to RUSAL significantly cheaper

Last Friday «Nornikel» has made another (third) attempt to buy back own shares in «RUSAL». This time, however, the documents appeared smaller number of shares, and the offer was less generous. We will remind that in February of this year a management «Norilsk Nickel» has shown its willingness to buy 20% share of assets owned by «UC Rusal», for $12.8 billion in August, the same offer shows the willingness of Norilsk Nickel to pay only $8,75 billion U.S. dollars, but for the stake of 15%. The terms of the new proposals will be considered by the Board of Directors of «Norilsk Nickel» which will be held in 2 days (24.08). And the answer to the offer, the party proposing the transaction will wait until September 5. If RUSAL agrees to the deal (and its share in «Norilsk Nickel» amounts to little more than a quarter of all shares), Mr. Potanin will become the owner of 35.3% of the company’s assets. That, together with shares of the Dutch trader «Trafigura» and the subsidiary «Corbiere» will amount to 55.6% of the entire package of securities. This is more than enough to concentrated in the hands of this group of shareholders, the portfolio assets could be deemed to be control. If the guide «UC Rusal» and this time will reject the offer, Norilsk Nickel intends to buy the missing shares (to owning a controlling stake) from the market. The company announced its readiness to allocate for these purposes of $4.5 billion.

19 August 2011
23 August 2011