Russia’s Nickel giant on sale?

United Company Rusal co-owner and board chairman Viktor Vekselberg has made an offer to Norilsk Nickel president and co-owner Vladimir Potanin to swap his stake in Norilsk for Rusal shares and cash.

Vekselberg said he discussed the possibility of a share swap with Potanin before the New Year, but detailed negotiations are yet to take place.

Rusal purchased 25% of Norilsk Nickel in December.