Russian nickel and platinum group metals producer Norilsk Nickel has revised its offer to buy a stake held in itself by Russian aluminum producer Rusal, and is now willing to buy a 20% stake for $12.8 billion in cash, Norilsk said Friday.
Norilsk had previously offered to pay $13 billion for all of Rusal's 25% stake in Norilsk, but that offer and previous offers have been consistently rejected by Norilsk.
Rusal officials could not be reached for comment.
The offer is valid until 1800 （1500 GMT; 1000 a.m. EST） on March 4, Norilsk said in a statement.
Norilsk's shares rose by over 4.5% in Moscow after the revised offer.
Norilsk said the revised offer represents "a significant premium to the publicly quoted price of the company's shares."
Norilsk said that the proposed new transaction could end a long-running dispute between it and Norilsk over corporate governance. It would allow the executives of Norilsk to concentrate on developing the company in the "interests of all of its shareholders."
Rusal has consistently argued that it considers its stake in Norilsk to be a strategic investment and had no intention of selling it.
Norilsk said it believed the new offer would win the support of Rusal's shareholders "particularly at this premium to the publicly quoted price of the company's shares."
Norilsk would buy the stake from Rusal through a subsidiary.
As part of the deal, Norilsk said that Rusal and the purchase would "enter into a two-year shareholders' agreement, which will provide the purchase with rights to direct the voting and disposal of the remaining shares in the company held by Rusal."
Norilsk said it was calling on Rusal's board to consider and "either agree to the proposed transaction or call a meeting of UC Rusal's shareholders to consider it."
On Thursday Rusal said it was nominating Oscar Ratsin to the board of directors of Norilsk for a vote of shareholders to be held at an extraordinary general meeting scheduled for March 11.
（source from: Platts）
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