EN+ Group, Glencore Put Share Swap on Hold After U.S. Sanctions

By Adria Calatayud

EN+ Group and Glencore have put their share swap on hold, following recent sanctions on the Russian company by the U.S. government, EN+ said Tuesday.

The Russian company said both companies initially agreed the exchange of securities in October 2017, before it listed on London's stock exchange.

EN+ Group and United Co. Rusal PLC (0486.HK) were added to the U.S. sanctions list last week due to their connection to Russian billionaire Oleg Deripaska. EN+ said its inclusion on the list will likely be materially adverse, and its shares have been suspended on the London Stock Exchange.

In a separate release on Tuesday, Switzerland-based Glencore said its Chief Executive Ivan Glasenberg has resigned as a director of Rusal, which is controlled by EN+.

Write to Adria Calatayud at [email protected]