UC Rusal In A Role Of “Two-Headed Eagle”: Deripaska Rejects Norilsk Nickel’s Offer While Vekselberg Commences Negotiations Again

The never-ending saga around Norilsk Nickel company has recently got one more twist.

As you may have remember on August, 24 of this year Interros and Norilsk Nickel’s management has made another buyout offer to UC Rusal — condition of this already fourth offer was to buy back 15% of Norilsk Nickel’s shares from UC Rusal for $8.75 billion.

Responding to the offer UC Rusal has decided to show the company’s Russian roots and acted in the way of “Two-Headed Eagle” — strange creature depicted on the Coat of arms of Russia.

One head of UC Rusal, Oleg Deripaska, had publicly rejected the offer made by Norilsk Nickel, while another head — Victor Vekselberg, who performs as Rusal’s Chairman of the Board, at the very same day has sent a letter to Norilsk Nickel’s general director Vladimir Strzhalkovsky, saying that UC Rusal is interested in protraction of negotiations and settling the buyback price for the whole stake Rusal currently owns. 

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