Interfax citing Mr Ilnar Mirsiyapov head of Inter RAO's strategy division as saying that OJSC Inter RAO UES is prepared to walk away from the possible purchase of the Norilsk Nickel stake in generating company OJSC OGK-3 if the mining company board of directors decides at its Tuesday meeting to postpone a sale decision.

Norilsk Nickel directors plan to consider the share sale again on Tuesday. As a potential buyer, Inter RAO is offering additionally issued shares as payment. EuroSibEnergo, another interested party, is offering cash. The board of directors has several times pushed back consideration of a swap of OGK-3 shares for Inter RAO additional shares, citing the need for more information.

Reports that Norilsk Nickel might sell OGK-3 first surfaced in mid-October. Chief at the holding company Interros Mr Vladimir Potanin said that the mining and metals giant was prepared to sell the stake for USD 2.5 billion to USD 3 billion. It was subsequently reported that Inter RAO was interested in the acquisition, as it is involved in consolidating its energy holdings via an additional share issue. The OGK-3 stake has been appraised at USD 2.1 billion.

(Sourced from Interfax)