Deals
Glencore Cancels Rusal Share Swap as Glasenberg Leaves Board
- Sanctions force Glencore to drop plan to swap Rusal stake
- Glencore says it’s evaluating remaining contracts with Rusal
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Glencore Plc, the world’s largest commodities trader, started to loosen ties with Russian aluminum tycoon Oleg Deripaska after the U.S. imposed harsh sanctions against his business empire.
Glencore won’t proceed with a plan to swap its 8.75 percent stake in aluminum producer United Co. Rusal for shares in another one of Deripaska’s companies, London-listed En+ Group Plc. Chief Executive Officer Ivan Glasenberg has also resigned from Rusal’s board.