Third in the sentence "Norilsk Nickel", "Rusal" to sell its stake in MMC, the parameters of which were announced today, will be the average price. Offer includes repurchase shares at $ 306 apiece, compared to $ 251.8 and $ 335.7. Total "Norilsk Nickel" wants to buy out of "Rusal" 15% of the share capital of $ 8.75 billion, half of that amount - borrowed money.
"Norilsk Nickel" announced "Rusal" Oleg Deripaska terms of the offer to repurchase its own shares. Offer includes the acquisition of 15% from 25.13% existing shares Aluminum Company "Norilsk Nickel" for $ 8.75 billion, or $ 306 per share. The offer price is determined based on the recommendations of independent consultants, banks and assumes a 20 percent premium over the weighted average market price of shares in the past six months, said the MMC. Since early August, "Norilsk Nickel" has fallen by 13%, so on the basis of current prices (at 12:00 - $ 225.8 per share) premium of more than 35%. Parameters will be considered at board meetings, "Norilsk Nickel" August 24, if approved, the offer will run until September 5.
This is the third offer, "Norilsk Nickel", the first two were made, "Rusal" in December and February. The current proposal is 21.5% better than the first, but 8.8% worse than the previous one. However, the sources of "Y", close to the MMC, last week warned that the new conditions of the offer will be worse, because the market situation has changed since February.
"Norilsk Nickel" said the transaction will be used for equity and debt. For redemption, in particular, MMC plans to send its own account $ 4.5 billion, another $ 4.25 billion to take on the market, "Interfax". Attract the same amount of work not be: according to analysts, c forecast for EBITDA of $ 8 billion, "Norilsk Nickel" can easily take about $ 15 billion in case of acceptance of "Rusal" to an offer for 10% stake in MMC offers a shareholders' agreement.
"Rusal", like the previous two times, called the investment in the "Norilsk Nickel" "strategic." "And as a public company, we discuss all the proposals received by the Company in accordance with the" Rusal "corporate governance procedures," - said the press service of the company.
In case of failure, and this time, "Norilsk Nickel" intends to repurchase its own shares. Parameters buy back have not been determined. We only know that the treasury shares at the suggestion of "Interros" Vladimir Potanin (30% SMC) can be redeemed. In this case, "Norilsk Nickel" may appear in the person of a controlling shareholder alliance "Interros" and management (from 9.2% MMC) with a loyal raider Trafigura (8%). It will be enough to buy another 6%, says Nicholas Sosnowski of "VTB Capital." In addition, the redemption of shares will allow "Interros" cross the 30 percent barrier and continue to increase its stake to 50% without a declaration of an offer to other shareholders. The share of "Rusal" in this case will rise to 26.7%.
"Norilsk Nickel" announced "Rusal" Oleg Deripaska terms of the offer to repurchase its own shares. Offer includes the acquisition of 15% from 25.13% existing shares Aluminum Company "Norilsk Nickel" for $ 8.75 billion, or $ 306 per share. The offer price is determined based on the recommendations of independent consultants, banks and assumes a 20 percent premium over the weighted average market price of shares in the past six months, said the MMC. Since early August, "Norilsk Nickel" has fallen by 13%, so on the basis of current prices (at 12:00 - $ 225.8 per share) premium of more than 35%. Parameters will be considered at board meetings, "Norilsk Nickel" August 24, if approved, the offer will run until September 5.
This is the third offer, "Norilsk Nickel", the first two were made, "Rusal" in December and February. The current proposal is 21.5% better than the first, but 8.8% worse than the previous one. However, the sources of "Y", close to the MMC, last week warned that the new conditions of the offer will be worse, because the market situation has changed since February.
"Norilsk Nickel" said the transaction will be used for equity and debt. For redemption, in particular, MMC plans to send its own account $ 4.5 billion, another $ 4.25 billion to take on the market, "Interfax". Attract the same amount of work not be: according to analysts, c forecast for EBITDA of $ 8 billion, "Norilsk Nickel" can easily take about $ 15 billion in case of acceptance of "Rusal" to an offer for 10% stake in MMC offers a shareholders' agreement.
"Rusal", like the previous two times, called the investment in the "Norilsk Nickel" "strategic." "And as a public company, we discuss all the proposals received by the Company in accordance with the" Rusal "corporate governance procedures," - said the press service of the company.
In case of failure, and this time, "Norilsk Nickel" intends to repurchase its own shares. Parameters buy back have not been determined. We only know that the treasury shares at the suggestion of "Interros" Vladimir Potanin (30% SMC) can be redeemed. In this case, "Norilsk Nickel" may appear in the person of a controlling shareholder alliance "Interros" and management (from 9.2% MMC) with a loyal raider Trafigura (8%). It will be enough to buy another 6%, says Nicholas Sosnowski of "VTB Capital." In addition, the redemption of shares will allow "Interros" cross the 30 percent barrier and continue to increase its stake to 50% without a declaration of an offer to other shareholders. The share of "Rusal" in this case will rise to 26.7%.
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