The world's largest aluminum maker, RusAl, has rebuffed an offer by rival shareolder Vladimir Potanin to sell its stake in Norilsk Nickel, and says it has no plans to sell its stake in the world's top nickel producer, RusAl said on Monday.
RusAl claims Norilsk Nickel's other core shareholder, Interros, has mismanaged the firm leading to its undervaluation by the market, RusAl said.
RusAl's controlling shareholder, billionaire Oleg Deripaska, and Interros owner Vladimir Potanin have been locked in a boardroom battle since June, when RusAl lost one seat on Norilsk's board following an annual general meeting, where Interros increased its representation.
RusAl has accused Interros of ruining the parity and the board of directors of a vote fraud. It initiated an emergency shareholders' meeting to contest AGM results and last Thursday shareholders voted against board re-election.
Last Friday, Interros, which holds a quarter of Norilsk's shares, sent a letter to RusAl with a proposal to buy its 25 percent stake in Norilsk for $9 billion.
RIA Novosti
