UC Rusal CEO Oleg Deripaska told CNBC Tuesday that he rejected a $12.8 billion offer from Norilsk Nickel for Rusal's stake in the company.
US Rusal currently owns 25 percent of Norilsk, and the offer, made last week, would have cut that stake to 5 percent.
“There are only three companies in the world who have the real experience to mine above the polar circle. And Norilsk is one of them,” said Deripaska, speaking about the region of the Arctic. (Read the transcript of Erin Burnett's complete interview with Deripaska here).
Deripaska told CNBC there is a price at which he would sell the stake, but he would not confirm if that price is $16.5 billion to $17 billion dollars.