Rusal Slides as Norilsk’s Lower Offer Dims Deal Prospects

Bloomberg reports United Co. Rusal’s (HKG:0486) Russian depositary receipts dropped after OAO GMK Norilsk Nickel (MCX:GMKN) lowered its offer.

The market news is quoted as saying,

Norilsk offered to buy back a 15 percent stake for $8.75 billion, less than the $12.8 billion proposed for a 20 percent stake that was rebuffed March 4, Moscow-based Norilsk said on Aug. 19. Rusal said today it has not received any official bid. Rusal has rejected three offers since October 2010 to sell its holding, as billionaires Vladimir Potanin and Oleg Deripaska battle to control the world’s largest nickel producer.

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