May 18, 2018 / 4:09 PM / 4 months ago

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

LONDON (Reuters) - Russia’s En+ Group (ENPLq.L), 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.

FILE PHOTO: President of En+ Group, Oleg Deripaska attends an agreement signing ceremony with the Krasnoyarsk region's government, in Moscow, Russia December 12, 2017. REUTERS/Sergei Karpukhin/File Photo

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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