OREANDA-NEWS. August 22, 2011. In accordance with the resolution of the Board of Directors, the management of OJSC MMC Norilsk Nickel (hereinafter – MMC Norilsk Nickel or the Company) has formulated the offer to purchase Company’s shares from UC Rusal Asset Management LLC  (subsidiary of UC Rusal). Proposed conditions for this offer will be reviewed during in-absentia meeting of the Company’s Board of Directors, which will be held on August 24, reported the press-centre of Norilsk Nickel.

The offer provides for the acquisition of 28 594 162 of Company’s ordinary shares (about 15% of the shareholder equity) from UC Rusal Asset Management LLC at the cost of USD 8.75 bil. The price was determined on the basis of recommendations of independent consultant banks and will correspond to USD 306 per share, which is equivalent to 20% premium to the weighted average market price for the last 6 months.

If the Board of Directors approves this resolution, the offer will be valid until September 5.

This offer was formulated with careful consideration for the MMC Norilsk Nickel’s production and technical development program implementation plans as well as the current market conditions. The proposed financing includes both own and borrowed funds.

If the offer to sell shares is accepted by UC Rusal Asset Management LLC, it is proposed to sign a shareholder agreement with regards to 10% of the Company’s shares remaining under Rusal’s ownership.