Renova Group to cut stake in Swiss Sulzer due to sanctions

MOSCOW, Apr 9 (PRIME) -- Multi-industry holding Renova Group of businessman Viktor Vekselberg plans to reduce its stake in Swiss machine maker Sulzer to below controlling to mitigate consequences of the new U.S. sanctions, Sulzer said in a statement on Monday.

“The company has entered into a binding agreement with Renova on Sunday, April 8, 2018, to minimize disruptions to Sulzer’s business, whereby Renova transfers the ownership to Sulzer of five million Sulzer shares. After completion, Renova will be a 48.83% shareholder of Sulzer,” the statement read.

Renova held 63.42% in Sulzer before the deal.

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

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