May 18, 2018 / 3:54 PM / a year ago

En+ to propose plan to U.S. Treasury contingent on sanctions removal -source

LONDON, May 18 (Reuters) - Russia’s En+ Group, which manages Oleg Deripaska’s aluminium and hydropower businesses, will present the U.S. Treasury with a plan to reduce his stake and change its directors - a plan contingent on the lifting of U.S. sanctions against the company, a source close to En+ said.

The company is still working to secure buyers for Deripaska’s stake to bring him below 50 percent, the source said.

The source said En+ would likely have to ask the U.S. authorities for an extension to the June 6 deadline for Deripaska to sell the stake and for the independent directors to be appointed, the source added. (Reporting by Dasha Afanasieva and Clara Denina; Editing by Adrian Croft)

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