October 18, 2017 / 4:13 PM / a year ago

BRIEF-Russia's En+ to covert Glencore's stake in Rusal into En+ GDRs

Oct 18 (Reuters) - Russia’s holding group En+ Group said:

* En+ Group signed non-binding term sheet with Amokenga Holdings Limited (AHL), a subsidiary of Glencore plc, for the conversion of Glencore’s 8.75 percent shareholding in Rusal into global depositary receipts representing ordinary shares of En+ Group.

* The conversion is expected to occur following the completion of the announced initial public offering by En+ Group.

* Upon completion of conversion, En+ Group’s shareholding in Rusal would increase to 56.88 percent from 48.13 percent.

* En+ says ‍following completion of transaction, AHL would be entitled to appoint Glencore CEO to the board of directors of En+ Group.​

* En+ is not required to make a mandatory takeover offer as a result of transaction. Source text for Eikon: (Reporting by Moscow Newsroom)

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