Russia's Norilsk Nickel said it will make no more buy out offers to its shareholder RUSAL after the aluminium giant rejected a $12.8 billion bid for 20 percent of Norilsk shares.
"Norilsk Nickel does not plan to make any new offers to RUSAL," the company's press office quoted President Andrey Klishas as saying in an emailed statement on Friday.
RUSAL confirmed that its board rejected the offer on Thursday, as sources had told Reuters, leaving a long-running fight for control of Norilsk between entrepreneurs Oleg Deripaska and Vladimir Potanin to continue.
Deripaska controls 25 percent of Norilsk through RUSAL, while Potanin holds roughly the same amount via his Interros investment group.
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