UC Rusal Refuses $8.75B Buyback Deal

The board of UC Rusal has declined an $8.75 billion offer by Norilsk Nickel to buy back its shares.

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.

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