Glencore CEO Ivan Glasenberg Resigns as Director of Rusal
10 Abril 2018 - 4:24AM
Dow Jones News
By Oliver Griffin
Glencore PLC (GLEN.LN) said Tuesday that Chief Executive Ivan
Glasenberg has resigned as a director of Russian company United Co.
Rusal PLC (0486.HK), which was placed on the U.S. sanctions list
alongside its controlling shareholder EN+ Group PLC (ENPL.LN).
The Anglo-Swiss mining and commodity-trading company said it is
committed to complying with all sanctions, and that it is taking
all necessary steps to mitigate risks to its business as a result
of Rusal's and EN+ Group's inclusion in U.S. sanctions.
EN+ Group and Rusal were added to the U.S. sanctions list on
Friday due to their connection to Russian billionaire Oleg
Deripaska, causing shares to fall. EN+ Group said its inclusion on
the list will likely be materially adverse, and its shares have
been suspended on the London Stock Exchange.
Glencore also said that it was evaluating contracts that it
holds with Rusal for the purchase of aluminum and alumina, saying
the contracts aren't financially material to the company.
Glencore, which previously signed a non-binding agreement with
EN+ Group to swap its shares in Rusal for global depository
receipts in EN+ Group, said that it will no longer proceed with the
transaction.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
April 10, 2018 03:09 ET (07:09 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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