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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  En+ Group International public joint-stock company    ENPL

EN+ GROUP INTERNATIONAL PUBLIC JOINT-STO

(ENPL)
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U.S. extends time for divestment from sanctioned Russian company GAZ

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03/06/2019 | 04:05pm EST
Logo of GAZ is seen at exhibition in Moscow

WASHINGTON (Reuters) - The U.S. Treasury said on Wednesday it was extending by four months the deadline for investors to divest from Russian automaker GAZ, a company linked to Russian tycoon Oleg Deripaska that Washington sanctioned over Russia's "malign activity."

The Treasury's Office of Foreign Assets Control said in a statement that it would allow investors and businesses until July 6 to cut ties with GAZ. The previous deadline was March 7.

The extension gives Deripaska more time to lower his stake in GAZ, potentially allowing the company to be removed from the U.S. sanctions list.

GAZ’s spokeswoman declined to comment.

On Jan. 27, the Treasury lifted sanctions on Deripaska's aluminum and energy businesses Rusal, its parent En+ and EuroSibEnergo after they had agreed to restructure to reduce his stakes.

The Treasury had imposed sanctions in April on 24 Russian allies of President Vladimir Putin, including Deripaska, as well as Rusal, En+, GAZ and other companies in which he owns major stakes. Treasury cited Russia's alleged meddling in the 2016 U.S. election and other "malign activity."

Deripaska had ties with Paul Manafort, President Donald Trump's former campaign manager. Manafort has been a target of Special Counsel Robert Mueller's investigation into Russian meddling in the 2016 election and is due to be sentenced in two separate cases on Thursday and March 13. Russia denies any meddling in the 2016 U.S. election.

When the Treasury announced the sanctions in April 2018, it also said "Deripaska has been investigated for money laundering, and has been accused of threatening the lives of business rivals, illegally wiretapping a government official, and taking part in extortion and racketeering."

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.

GAZ is Russia's largest producer of light commercial vehicles (LCV) and exports vehicles to more than 25 countries.

It has a contract manufacturing relationship with Germany's Daimler AG on LCV production in Russia, and Volkswagen AG uses GAZ facilities to produce some passenger car models in Russia.

VW was viewed as a possible buyer of Deripaska's stake in GAZ, but a company official was quoted on Wednesday as saying talks on a deal had been suspended because of the U.S. sanctions.

"At the moment this (a deal to buy a stake in GAZ) is not possible for us because of sanctions ... Talks are suspended," RIA news agency quoted Marcus Osegowitsch, Volkswagen's Russia head, as saying.

(Reporting by Tim Ahmann; Additional reporting by Gleb Stolyarov, Writing by Mohammad Zargham; Editing by David Gregorio)

Stocks mentioned in the article
ChangeLast1st jan.
EN+ GROUP INTERNATIONAL PUBLIC JOINT-STOCK COMPANY 0.00% 11.6 Delayed Quote.16.00%
GAZ PAO End-of-day quote.
LME ALUMINIUM CASH -1.13% 1755.5 End-of-day quote.-0.93%
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Financials (USD)
Sales 2019 11 852 M
EBIT 2019 1 313 M
Net income 2019 974 M
Debt 2019 9 922 M
Yield 2019 2,60%
P/E ratio 2019 7,70x
P/E ratio 2020 6,08x
EV / Sales2019 0,84x
EV / Sales2020 0,78x
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Mean consensus BUY
Number of Analysts 9
Average target price 11,02  $
Last Close Price 11,60  $
Spread / Highest target 12,9%
Spread / Average Target -5,01%
Spread / Lowest Target -16,4%
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Managers
NameTitle
Vladimir Alekseevich Kiryukhin Chief Executive Officer
Gregory Leonard George Barker Executive Chairman
Vyacheslav Alekseevich Solomin Chief Operating Officer
Mikhail Yuryevich Khardikov Chief Financial Officer
Andrey Vladimirovich Lymarev Chief Technical Officer
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EN+ GROUP INTERNATIONAL PUBLIC JOINT-STOCK COMPANY16.00%0