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Russian businessman Deripaska cuts stake in En+ to 44.95 percent

January 29, 2019 at 03:14 am EST

MOSCOW (Reuters) - Russian businessman Oleg Deripaska has reduced his stake in En+ Group to 44.95 percent from around 70 percent, the company said after the United States lifted sanctions on it and some other Russian firms linked to Deripaska.

Deripaska's stake has been reduced in part via an issue of 67,420,324 new shares in the form of global depositary receipts (GDR), or 10.55 percent of the enlarged share capital, among other steps Deripaska has taken under a deal with Washington.

The share issue was a part of a Glencore deal with En+.

The company is also in talks with the London Stock Exchange, Financial Conduct Authority, Citibank, Euroclear and Clearstream over the clearing of the GDRs and settlement procedures.

(Reporting by Katya Golubkova; writing by Tom Balmforth; editing by Louise Heavens)

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	EN+ GROUP INTERNATIONAL	9.3 USD	-.--%	-.--%	5.94B
	FTSE 100	8,357 PTS	+0.04%	+2.22%	-

Oleg Deripaska

Head of Rusal, the world leader in aluminium, Oleg Deripaska is a major figure among Russian oligarchs. He manages the holding Basic Element, an empire that is today from auto to insurance, trough aviation and energy.

Graduated in nuclear physic at University of Moscow, Deripaska began his activity as trader of metals. He takes advantage from privatization initiated by Boris Yeltsin to buy stakes in aluminium companies.
At twenty six years old after he won a majority of workers’ shares in the aluminium company in Sayansk (Siberia) he became director.

In the 80’s, a struggle for control of the aluminium market is started, between traders and red barons of industry.
In 2000, the Rusal is created. So many people protest in order to underline the conflict of interest which had involved the company’s creation. The strong connection between political ambience and business is also criticized by many western media.

In October 2006, Rusal merged with its rival Sual, and thanks to cooperation with Swiss company of trading Glencore, and also with Putin’s support, he created UC Rusal the world leader in aluminium. Valued $30 billion, 66% owned by Rusal’s shareholders, 22% by Sual and at least Glencore with 12%, and it employs 115 000 employers in 17 countries on five continent.

With his holding Basic Element, Oleg Deriparska brought 38% of the group that manages the development of finance district in Russian capital, Moscow-city launched in 1992 by Russian authorities.

In 2009, during the financial crisis, the Oleg Deriparska’s business is struck down by sharp fall of commodities’ prices. In fact, he passed from 9th place in Forbes’ ranking in 2008 to 57th place in 2010. He rose at 36th place in 2011 with fortune estimated at $ 16.8 billion.

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Linked companies
Basic Element LLC Basic Element LLC Investment ManagersFinance Basic Element LLC (Basic Element) is a private equity subsidiary of Basic Element UK Ltd founded in 1997 by Oleg Vladimirovich Deripaska. The firm is headquartered in Moscow, Russia.	Founder
Berkut LLC	Founder