The board of UC Rusal has declined an $8.75 billion offer by Norilsk Nickel to buy back its shares, Reuters reports. The mining giant had proposed to acquire a 15 percent stake for $306 per unit, representing a 20 percent premium to the weighted average market price.
The offer is Norilsk’s third attempt to repurchase the shares, which it had sold to the Russian aluminum producer for an approximate $14 billion in cash and stock for a 25 percent holding. Norilsk intends to make a buyback offer to other shareholders.
Click here for the story from Reuters.
Click here for additional coverage from RTT News.