Reuters reported that Russia UC RUSAL has hired Bank of America Merrill Lynch to appraise its 25% stake in Norilsk Nickel.

A RUSAL representative confirmed that the company's board will meet to discuss the matter.

The representative said "We view our stake in Norilsk Nickel as a strategic investment, but, as a publicly traded company, we discuss all offers as part of our corporate governance procedures."

Earlier this month, Norilsk Nickel said it offered to buy the 25% stake from RUSAL for USD 12 billion.

(Sourced from Reuters)