Report: En+ can ask US for more time for Deripaska stake sale

MOSCOW, May 21 (PRIME) -- Russian diversified industrial company En+ Group of tycoon Oleg Deripaska is likely to ask the U.S. Treasury for more time to reduce the stake of Deripaska, Reuters reported late on May 18 citing a source close to the company.

On April 6, the U.S. imposed sanctions against 38 Russian tycoons, officials and companies including En+ Group and aluminum company RUSAL.

The company “will likely have to apply for an extension to the June 6 deadline,” the source told Reuters, adding it was still trying to find buyers for Deripaska’s holding.

The U.S. Treasury set a deadline of June 6 for investors to divest or transfer their holdings in sanctions targets including En+ and RUSAL, an extension from the original May 7 deadline.

En+ said earlier that its board of directors had approved immediate resignation of Deripaska in an attempt to move his company out of the sanctions list as Washington suggested it might lift the sanctions against En+ and RUSAL if Deripaska cuts his En+ stake to below 50% and introduces independent board members.

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