BREAKING NEWS

BREAKING NEWS

Russian businessman Deripaska cuts stake in En+ to 44.95 percent

Russian businessman Deripaska cuts stake in En+ to 44.95 percent
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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)

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