February 1, 2019 / 7:20 AM / 9 months ago

BRIEF-En+ completes first stage of Rusal share swap with Glencore

Feb 1 (Reuters) - En+ Group says:

* En+ announces the completion of the first stage of the securities exchange agreement with certain subsidiaries of Swiss company Glencore;

* As part of this deal, En+ has acquired 2 percent of aluminium giant Rusal shares from a subsidiary of Glencore in consideration for the issue of new En+ global depositary receipts (GDRs) to Glencore representing 10.55 percent of the enlarged share capital of En+;

* En+ currently owns a 50.12 percent stake in Rusal. The transfer of additional 6.75 percent of Rusal shares to En+ from Glencore should be automatically performed no later than in February of 2020;

* The deal is part of En+'s restructuring agreement with the U.S. Treasury, which lifted sanctions on En+ and Rusal on Sunday, as Russian tycoon Oleg Deripaska has dropped his control over the both firms. Further company coverage: (Reporting By Moscow Newsroom. Editing by Jane Merriman)

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