Deals
Deripaska Offers to Cut En+ Stake in Bid for Sanctions Relief
- Billionaire agreed ‘in principle’ to cut holding below 50%
- Deripaska may end Rusal shareholder agreement, Kommersant says
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Oleg Deripaska offered to make concessions on his ownership of En+ Group Plc, which owns almost half of Russian aluminum giant United Co. Rusal, as he seeks to cast off the yoke of U.S. sanctions.
The Russian billionaire agreed “in principle” to cut his stake in En+ to less than 50 percent and plans to resign from the company, according to a statement on Friday. Deripaska intends to keep some stake in En+, and the proposal is contingent on the U.S. removing sanctions, according to a person familiar with the matter.