Viktor Vekselberg, Chairman and shareholder of the world's largest aluminum producer RusAl said on Tuesday that a $12.8 billion offer for RusAl's 25% stake in Russia's largest nickel maker Norilsk Nickel is worth serious discussion.
Last December Norilsk made its first offer to buy RusAl's stake in it for $12 billion but it was rejected by RusAl's core owner Oleg Deripaska. The current offer is valid until March 4.
"From my point of view, valuation of Norilsk, on which the offer is based, corresponds to its market value. It should be seriously discussed," Vekselberg told reporters.
Norilsk said the transaction would be in interests of company shareholders and would help resolve a conflict between them.
RusAl and Interros, an investment arm of Russian billionaire Vladimir Potanin, have long been at odds over control of Norilsk Nickel. RusAl says the Norilsk board is dominated by officials linked with Interros after an AGM last summer, where RusAl lost one board seat, while Interros increased its representation.
Deripaska told CNBC TV channel last week that he was not going to agree to the offer.
A source in SUAL Partners, through which Vekselberg owns RusAl's shares, said that Norilsk's offer reflected a fair price of the company. SUAL Partners would recommend accepting the offer if its details were worked out.
Billionaire Mikhail Prokhorov, another RusAl shareholder, has said that RusAl should accept the offer.
MOSCOW, February 22 (RIA Novosti)
