28th Jan 2019 10:21
LONDON (Alliance News) - Glencore PLC has agreed to an equity swap deal with Russian firm En+ Group PLC, the latter said on Monday.
As part of a move to allow the removal of aluminium and power firm En+ from the US sanctions list against Russia, Glencore will transfer its 8.8% stake in aluminium firm Rusal PLC to En+ is return for global depositary receipts worth around 11% of En+.
The first stage will see about 2% being transferred, and then the rest will be moved 12 months later.
En+ was put on the US Department of Treasury's sanctions list last April, but it has now been removed. At the time, Glencore Chief Executive Ivan Glasenberg quit Rusal's board and the FTSE 100 miner also scrapped its deal with En+ to swap Rusal shares for En+ GDRs.
Glencore shares were 0.6% higher on Monday morning at 299.40 pence in London, and up 0.6% in Johannesburg at ZAR53.79.
Related Shares:
Glencore