RusAl wants to discuss the price of its stake in Norilsk Nickel, the aluminum giant's board chairman, Russian tycoon Viktor Vekselberg, said in a letter to Norilsk's management obtained by Prime news agency on Tuesday.
"I was authorized by RusAl's board of directors to examine proposals which reflect the fundamental price of RusAl's blocking stake in Norilsk Nickel," Vekselberg said.
RusAl, controlled by Russian billionaire Oleg Deripaska, and Interros, the investment arm of another Russian billionaire, Vladimir Potanin, which holds over 30 percent in Norilsk, have been locked in a struggle for control of Norilsk Nickel for more than a year. RusAl says the Norilsk board has become dominated by officials linked with Interros.
Norilsk management and Interros have repeatedly tried to buy RusAl's stake but the aluminum giant rejected proposals to sell its 25 percent for $12 billion last December, 20 percent for $12.8 billion this March and 15 percent for $8.75 billion this August.
"I think we will discuss the letter at a board meeting. The company is preparing no new offers now ... I will act in the interests of the company," Norilsk Board Chairman Andrei Bugrov told RIA Novosti.
A source close to Norilsk said late on Wednesday that the board of directors would discuss an offer to minority shareholders to buy back about 7.71 percent of shares for nearly $4.5 billion on September 13.
