Three named to En+ voting trust as Deripaska looks to reduce stakes
MOSCOW – Russian conglomerate En+ Group on Friday named three Americans who will form a voting trust to help Oleg Deripaska reduce his stake in the company in exchange for a waiver from US sanctions.
Deripaska has agreed to reduce his stake in London-listed En+ to 44.95% from 70% and assign any voting rights above 35% to a voting trust.
D. J. Baker, David Crane and David Knower will, subject to the satisfaction of certain conditions, exercise the voting rights attached to certain shares of En+, which manages the energy and aluminium businesses of Deripaska, it said in a statement.
The company did not provide further details about the three individuals or the process of their selection. It was not also clear whether more people would join the voting trust.
The U.S. Treasury has agreed to remove sanctions against En+, aluminium producer Rusal, in which En+ owns a 48% stake, and power firm EuroSibEnergo, if they restructure to reduce controlling stakes held by Deripaska, who is to remain on Washington's blacklist.
His deal with the US Treasury includes Swiss commodities trader Glencore swapping shares in Rusal for a stake in En+.
VTB Bank, Russia's second-largest lender, will also take over a block of Deripaska's shares in En+ pledged as collateral for outstanding obligations.
Deripaska will also donate part of his stake to a charitable foundation. Several shareholders with professional or family ties to him will also assign their voting rights to an independent third party.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
