Russian aluminum company, United Company Rusal, has turned down Norilsk Nickel’s $12.8 billion offer for most of Rusal’s 25% stake in the company, The Wall Street Journal reports. Oleg Deripaska, who owns 47% of Rusal, has so far rejected three offers, adds Bloomberg. Deripaska turned down a $9 billion offer from Interros Holding and two bids from Norilsk Nickel. In December, Rusal had rejected Norilsk Nickel’s offer to buy Rusal’s full 25% stake in the company for $14 billion.

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