Glencore to Convert Rusal Holding into En+ Shares After London Listing

By Adam Clark Features Dow Jones Newswires

Glencore PLC (GLEN.LN) will convert its shareholding in Russian aluminum company UC Rusal into shares of its major shareholder, En+ Group, following its initial public offering on the London and Moscow stock exchanges.

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Commodities company Glencore has an 8.8% shareholding in UC Rusal, which will be converted into global depositary receipts representing En+ shares, after their IPO. En+ has previously announced its intention to list on the London and Moscow markets in November, raising up to $1.50 billion.

En+ noted the conversion will take its own shareholding in Rusal to 57% from 48%. The transaction will also allow Glencore to appoint a representative to En+'s board of directors.

Shares in Glencore closed down 1.2 pence at 374.65 pence on Wednesday.

Write to Adam Clark at adam.clark@dowjones.com

(END) Dow Jones Newswires

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October 18, 2017 13:21 ET (17:21 GMT)