February 23, 2018 / 8:30 AM / in a year

UPDATE 1-Deripaska steps down at Russia's En+ Group, no share offer planned

(Adds detail, quotes, context)

MOSCOW, Feb 23 (Reuters) - The board of En+ Group on Friday accepted the resignation of Oleg Deripaska as president and said the company, which manages the Russian billionaire’ s aluminium and hydropower operations, had no plan for an equity offering in 2018.

En+ said it had accepted Deripaska’s resignation as president and appointed him as a non-executive director.

CEO Maxim Sokov will become president and be replaced by Vladislav Soloviev, CEO of aluminium producer Rusal.

Part of the management shuffle was disclosed by Rusal, which said Soloviev would move to president of Rusal and be replaced as CEO by Chief Financial Officer Alexandra Bouriko.

En+ owns a 48 percent stake in Rusal.

“The changes to the group’s management team are aimed at increasing En+ Group’s efficiency and will provide for improved synergy between the Energy and Metals Segments of the Group,” En+ said in a statement.

Deripaska was one of dozens of billionaires placed on a U.S. government list of Russian oligarchs last month. While it is not a sanctions list, Western banks may be reluctant to deal with Russian companies whose owners are on the list.

It also said it had no plans this year for a shares offering.

Three sources told Reuters in mid February that En+ had invited international banks to pitch for the sale of $1 billion worth of shares.

“In response to recent speculation in the media regarding a possible follow-on offering of securities by En+ Group, the board of directors of the group resolved that the company has no plan or intention to pursue an equity offering to the market in 2018,” it said. (Reporting by Polina Devitt; Editing by Robin Pomeroy)

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