Glencore not to convert RUSAL shares into En+ Group GDRs - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Glencore not to convert RUSAL shares into En+ Group GDRs

MOSCOW, Apr 10 (PRIME) -- Swiss commodity trader Glencore has dropped an idea to convert its stake in Russian aluminum giant UC RUSAL into global depositary receipts (GDRs) of En+ Group because of the new U.S. sanctions, it said in a statement on Tuesday.

УGlencore has previously signed a non-binding term sheet with En+ regarding swapping its shares in RUSAL for Global Depositary Receipts in En+. Glencore will not proceed with the transaction at this time in light of the designation of RUSAL and EN+ as SDNs (the Specially Designated Nationals And Blocked Persons List),Ф the statement read.

RUSALТs shares fell 7.9% by 10:19 a.m. Moscow time on the Moscow Exchange and GDRs of En+ lost about 17% on the London Stock Exchange.

In March, En+ said that it expects Glencore to complete the transaction by the end of April. As a result, the stake of En+ in RUSAL was to rise to 56.88% from 48.13%.

Glencore also said that its CEO Ivan Glasenberg has resigned from his position as a member of the board of directors of RUSAL.

On April 6, the U.S. imposed sanctions against a total of 38 Russian tycoons, officials and companies, including Oleg Deripaska.


10.04.2018 10:51
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 74.9022 -0.6336 17 nov
USD 65.9931 -0.6228 17 nov
Stock Market Indices
1D 1W 1M 1Y
rtsi 1134.93 +0.34 18:50 16 nov
micex 2372.67 -0.37 18:50 16 nov
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 153.16 -0.64 18:49 16 nov
lkoh 4824.00 -0.62 18:49 16 nov
rosn 420.85 -0.80 18:49 16 nov
sber 199.26 -0.44 18:49 16 nov
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 74.9025 -0.2975 14:59 16 nov
USDTD 65.7225 -0.8775 17:44 16 nov