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Deripaska to reduce stake in En+ below 50%

The company also approached the US Treasury with the request to extend transactions with the company until October 31

Oleg Deripaska Sergei Savostyanov/TASS

Oleg Deripaska

© Sergei Savostyanov/TASS

MOSCOW, April 27. /TASS/. Russian businessman Oleg Deripaska agreed to reduce his shareholding in En+ Group to less than 50%, the Russian energy company said on Friday.

"Oleg Deripaska agreed in principle with the chairman’s request that Mr. Deripaska reduce his shareholding in the company to below 50%," En+ said. The businessman will also step down from the Board of Directors.

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The company also approached the US Treasury with the request to extend transactions with the company until October 31, 2018.

"The Company continues to work to protect the interests of its investors, including those holding a minority position, and will make further announcements as soon as possible," En+ said.

The United States introduced sanctions against Oleg Deripaska and companies controlled by him, including En+ and the Russian aluminum producer Rusal on April 6. The US authorities said later that sanctions against Rusal could be potentially softened in case Deripaska relinquishes control over the company.

En+ is the Russian integrated producer of aluminum and electric power. It consolidates power plants with capacity of 19.7 GW and aluminum smelters with capacity of 3.9 mln tonnes per year.

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