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En+ Group says finishes 1st stage of securities swap with Glencore

MOSCOW, Feb 1 (PRIME) -- En+ Group has fulfilled the first stage of a securities exchange with Swiss trader Glencore, the company said in a statement on Friday.

As a result, En+ Group bought a 2% stake in aluminum producer RUSAL from an affiliate of Glencore and raised its stake to 50.12%.

A transfer of a 6.75% RUSAL stake to En+Group must be made automatically no later than February 2020, the company said.

In April 2018, the U.S. imposed sanctions against 38 Russian tycoons, government officials and companies, including Oleg Deripaska and companies he controlled Ц En+ Group, RUSAL, and power producer EuroSibEnergo. In January, Deripaska transferred control over the companies, and his representatives were removed from their board of directors, and the Treasury lifted the sanctions on January 27.

As a result, Deripaska owns 44.95% of En+ Group and has the right to vote with a 35% stake, VTB holds 21.68% of the shares and has the right to vote with a 7.35% stake, Citi is a nominal owner of 10.55%, which trader Glencore received in exchange for 8.75% in RUSAL; Citi owns 4.54%, but the right to vote belongs to institutional and retail investors. They also own 4.88%, and can manage a 9.42% combined stake.

The members of DeripaskaТs family hold 6.75%, charity fund Volnoye Delo 3.22%, other minority shareholders 3.42%. Independent managers have the right to manage the stakes.


01.02.2019 11:09
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