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Glencore to swap Rusal stake for shares in Russia's En+

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Glencore to swap Rusal stake for shares in Russia's En+

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MOSCOW (Reuters) – Glencore <GLEN.L> will convert its 8.75 percent stake in Russian aluminium giant Rusal <0486.HK> to shares in En+ Group, an aluminium and hydropower group controlled by tycoon Oleg Deripaska, En+ said on Wednesday. En+ said the swap will occur after it completes its initial public offering, which is due later this year. En+ currently owns 48.13 percent of Rusal’s shares. Glencore will be entitled to appoint its chief executive to the board of directors of En+ after the share swap. The price has yet to be determined. En+‘s stake in Rusal, one of the world’s largest aluminium producers, will increase to 56.88 percent as a result of the conversion. En+ is looking to raise as much as $1.5 billion (£1.1 billion) from the sale of new and existing shares.

(Reporting by Andrey Ostroukh and Maria Kiselyova; editing by Polina Devitt and Larry King)
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