Norilsk Nickel has offered RUSAL $12.8 billion for 20% stake
Manual mining and metallurgical company Norilsk Nickel, the world’s largest manufacturer of Niccolum, has directed management of the company «OK RUSAL Management of investments» the updated offer to purchase the minority stake in the company. The document refers to the willingness of Norilsk Nickel to acquire 20% of the securities of the company for 12.8 billion dollars. The offer is valid until March 4, 2011
The offer includes a substantial premium to the current market value of the shares of «Norilsk Nickel». The company’s management expects that the positive response to the updated proposal guide mining and metallurgical company will be able to obtain all the necessary permits with the appropriate authorities and to obtain the consent of creditors and the holders of shares of UC Rusal Plc. One of the points of the document is the agreement between the Contracting parties that the Group will have the authority to determine the order of voting and rights on realisation of the remaining portfolio of securities of the Company, which now owns the company «OK RUSAL Management of investments».
In «RUSAL» confirmed the receipt of the proposal from Norilsk Nickel and has promised to hold a review and discussion of the offer in accordance with the company corporate rules. The proposal will be reviewed initially by the special Committee on Norilsk Nickel, and then the Board of Directors of the campaign.