Deripaska Share Recipients Include His Own Charity, Source Says
Deripaska Share Recipients Include His Own Charity, Source Says
Deal with U.S. Treasury leaves Deripaska as largest EN+ holder
Russian bank VTB will end up with stake of about 24%
https://www.bloomberg.com/news/articles/2018-12-19/deripaska-share-recipients-are-said-to-include-his-own-charity
A deal with the U.S. Treasury Department to remove sanctions on Oleg Deripaska’s companies will leave the oligarch as the largest shareholder in EN+ Group Plc even after he’s forced to transfer stakes to a Russian-controlled bank and to his own charitable foundation.
VTB Bank PJSC, a state-controlled lender, will end up with a stake of about 24 percent in EN+ under the agreement announced by the U.S. Wednesday, according to a person familiar with the details of the deal. Glencore Plc, Deripaska’s long-time ally in United Co. Rusal, will also have a significant shareholding after following through on a long-planned deal to swap its Rusal stake for shares in En+. After the Glencore deal, due to be executed as part of a series of transactions agreed with the U.S. Treasury, En+ will own more than 50 percent of Rusal’s shares.
Another small portion of Deripaska’s stake will go to Volnoe Delo, a charity he founded, which will be able to benefit financially from the stake, said the person, who asked not to be identified because the exact terms of the agreement aren’t public. The shares will be voted by a third party -- a Russian citizen -- and Deripaska is leaving the foundation’s board.
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