United Co. Rusal PLC shares are riding high on Monday after a string of good news for the aluminum maker.
Shares were up by more than 6% in Hong Kong morning trade, hitting a record high of HK$13.48.
A long-running battle over OAO Norilsk Nickel and Rusal could come to an end after Norilsk said it would raise its offer for Rusal’s stake in the company. The new offer, at $12.8 billion for 20%, betters a previous offer from Norilsk of $14 billion for Rusal’s full 25% stake.
According to The Wall Street Journal, the revised offer values Norilsk at $64 billion, compared to its current market cap of $46 billion.
On Monday morning Rusal also released its January production figures, announcing its aluminium and alumina output in 2010 increased 3% and 8% on-year respectively, buoyed by the global economic recovery and strong industrial demand for the metal.
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