Norilsk Nickel improves share buyback offer to Rusal

Russian metallurgical and mining company Norilsk Nickel has revised up its offer to buy back 20 percent of its own shares from aluminum giant UC Rusal for $12.8bn, Norilsk Nickel announced today. The offer is valid until 6:00 p.m. Moscow time on March 4. In its previous offer, Norilsk Nickel sought to buy back 25 percent of its shares from UC Rusal for $12bn. One of the terms of the current offer is that UC Rusal, UC Rusal Investment Management and Norilsk Nickel should sign a two-year agreement regulating the procedure for voting with the remainder of Norilsk Nickel's shares held by UC Rusal Investment Management.