Glencore to Convert Rusal Holding into En+ Shares After London Listing
October 18 2017 - 12:36PM
Dow Jones News
By Adam Clark
Glencore PLC (GLEN.LN) will convert its shareholding in Russian
aluminum company UC Rusal into shares of its major shareholder, En+
Group, following its initial public offering on the London and
Moscow stock exchanges.
Commodities company Glencore has an 8.8% shareholding in UC
Rusal, which will be converted into global depositary receipts
representing En+ shares, after their IPO. En+ has previously
announced its intention to list on the London and Moscow markets in
November, raising up to $1.50 billion.
En+ noted the conversion will take its own shareholding in Rusal
to 57% from 48%. The transaction will also allow Glencore to
appoint a representative to En+'s board of directors.
Shares in Glencore closed down 1.2 pence at 374.65 pence on
Wednesday.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
October 18, 2017 13:21 ET (17:21 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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