By Adam Clark
Glencore PLC (GLEN.LN) will convert its shareholding in Russian aluminum company UC Rusal into shares of its major shareholder, En+ Group, following its initial public offering on the London and Moscow stock exchanges.
Commodities company Glencore has an 8.8% shareholding in UC Rusal, which will be converted into global depositary receipts representing En+ shares, after their IPO. En+ has previously announced its intention to list on the London and Moscow markets in November, raising up to $1.50 billion.
En+ noted the conversion will take its own shareholding in Rusal to 57% from 48%. The transaction will also allow Glencore to appoint a representative to En+'s board of directors.
Shares in Glencore closed down 1.2 pence at 374.65 pence on Wednesday.
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