Deripaska Share Recipients Include His Own Charity, Source Says
- Deal with U.S. Treasury leaves Deripaska as largest EN+ holder
- Russian bank VTB will end up with stake of about 24%
A deal with the U.S. Treasury Department to remove sanctions on Oleg Deripaska’s companies will leave the oligarch as the largest shareholder in EN+ Group Plc even after he’s forced to transfer stakes to a Russian-controlled bank and to his own charitable foundation.
VTB Bank PJSC, a state-controlled lender, will end up with a stake of about 24 percent in EN+ under the agreement announced by the U.S. Wednesday, according to a person familiar with the details of the deal. Glencore Plc, Deripaska’s long-time ally in United Co. Rusal, will also have a significant shareholding after following through on a long-planned deal to swap its Rusal stake for shares in En+. After the Glencore deal, due to be executed as part of a series of transactions agreed with the U.S. Treasury, En+ will own more than 50 percent of Rusal’s shares.