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Russian company increases shareholdings in Rusal

A Russian company has increased its shareholding in Windalco's parent entity, aluminium firm Rusal.
 
According to a report on Nasdaq's website, E N Plus Group has raised its stake in Rusal to 56.8% after completing an asset swap with Glencore.
 
This is part of a deal that has helped companies controlled by Russian tycoon Oleg Deripaska to ward off U.S. sanctions. 
 
E N Plus Group and Glencore agreed in 2017 that Glencore would swap its 8.75% stake in Rusal for shares in E N Plus Group, an aluminium and hydropower group controlled by Mr. Deripaska, following E N Plus's initial public offering. 
 
However, the deal was suspended in 2018 when the United States announced sanctions on Mr. Deripaska, Rusal, E N Plus and other companies in which he owns stakes, citing malign activities by Russia. 


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