GLNCY Glencore Plc (PK)

    By Chester Yung 
 

Russian aluminum giant United Co. Rusal PLC (0486.HK) said Monday its chairman Jean-Pierre Thomas, who was elected late December, resigned effective January 26 after receiving an 'imperative request' from the U.S. government to leave the office as one of the prerequisites for the lifting of U.S. sanctions.

The announcement came after the U.S. Treasury Department on Sunday removed Rusal from its sanctions list after Oleg Deripaska, a blacklisted billionaire and close ally of President Vladimir Putin, delivered on a promised plan to divest his majority ownership stake.

In a separate announcement, Rusal, one of the world's largest aluminium producers, said its controlling shareholder EN+ Group PLC has reached agreement with Glencore PLC (0805.HK). As part of the agreement, Glencore will transfer 8.75% shares of Rusal to EN+ in exchange for 10.55% of the enlarged share capital of En+, the company said.

Write to Chester Yung at chester.yung@wsj.com

(END) Dow Jones Newswires

January 27, 2019 20:30 ET (01:30 GMT)

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