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En+ Group Completes Glencore Swap in Rusal

Metal News - Published on Thu, 06 Feb 2020

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EN+ GROUP announced completion of the second stage of the securities exchange agreement with certain subsidiaries of Glencore plc. As a result, the Company's shareholding in United Company RUSAL Plc has increased to c. 56.88%. Russian multinational aluminium producer, Rusal, which had been the largest aluminium producer across the world before a spin-off back in the 2015s, owned by the Russ billionaire Oleg Deripaska, had been facing off steep US sanctions, while latest En+ move to hold controlling stake in Oleg Deripaska’s Rusal appeared to have made to ward off a tattering US sanction which had been curbing Rusal’s profit margin over the recent years.

Following the US announcement, both En+ and Rusal went through a sweeping overhaul and the US President Donald Trump alongside his administration had lifted a ban on several Deripaska-owned entities last year, while the latest En+ Group Co.’s move to raise stake in Rusal was also executed to avert the US sanction, suggested analysts. Deripaska, a known-ally to Russ President Vladimir Putin, had still been under US sanction.

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Posted By : Rabi Wangkhem on Thu, 06 Feb 2020
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