En+ Says Deripaska Resigns, Agrees to Cut Stake to Below 50%

• April 27 2018
• Lynn Thomasson

Oleg Deripaska agreed to resign from the board of directors at his holding company En+ Group and reduce his stake to less than 50 percent.

Oleg Deripaska agreed to resign from the board of directors at his holding company En+ Group and reduce his stake to less than 50 percent.

New directors will be appointed to the board of En+, so that the majority consists of independent directors, according to a statement from the company. It’s not clear what the company’s latest statement means for its U.S. sanctions.

Deripaska’s En+ Group owns 48 percent of Rusal, Russia’s largest aluminum producer. Both En+ and Rusal were sanctioned by the U.S. government earlier this month.

A shareholders’ agreement with other major Rusal shareholders including Sual Partners and Glencore Plc allows En+ to propose half of the directors to Rusal’s board and to nominate the chief executive officer, according to terms of the agreement published in Rusal’s annual report.