En+ raises stake in Rusal to 57% after Glencore asset swap

En+ MKPAO

03/02/2020 15:28

MOSCOW, Feb 3 (Reuters) - Russia's En+ Group  ENPLq.L  has
raised its stake in aluminium giant Rusal to 56.88% after
completing an asset swap with Glencore, part of a deal that has
helped companies controlled by Russian tycoon Oleg Deripaska to
ward off U.S. sanctions. 
    En+ Group and Glencore  GLEN.L  agreed in 2017 that Glencore
would swap its 8.75% stake in Rusal  0486.HK  for shares in En+
Group, an aluminium and hydropower group controlled by
Deripaska, following En+'s initial public offering.
    However, the deal was suspended in 2018 when the United
States announced sanctions on Deripaska, Rusal, En+ and other
companies in which he owns stakes, citing "malign activities" by
Russia.
    After lobbying by European governments, Washington postponed
enforcement of the sanctions and started talks with Deripaska's
team on removing Rusal and En+ from the blacklist if he ceded
control of Rusal.
    Deripaska, seen as an ally of Russian President Vladimir
Putin, remains under sanctions. 
    However, the three Deripaska companies - Rusal, En+ and
power firm EuroSibEnergo - agreed to restructure to reduce
Deripaska's stakes and the sanctions against them have been
lifted.
    The first part of the asset swap was completed in February
2019 when En+ acquired 2% in Rusal, raising its stake to 50.12%.
    The rest of the swap has now been completed, En+ said on
Monday, helping to reduce Deripaska's holding in En+.

 (Reporting by Anastasia Lyrchikova; writing by Vladimir
Soldatkin; editing by Mark Potter)
 ((vladimir.soldatkin@reuters.com; +7 495 775 12 42;))