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The change comes less than a month after the inclusion of
Deripaska and dozens of Russian billionaires on a U.S.
government list of Russian oligarchs. While it is not a
sanctions list, Western banks may be reluctant to deal with
Russian companies whose owners are on the list.
En+ has invited international banks to pitch for the sale of $1
billion of shares in the company, three sources told Reuters
last week. However, the inclusion of Deripaska on the U.S. list
is making some U.S. banks who worked with En+ on its initial
public offering in November wary about participating this time,
one of the sources said.
Deripaska's En+ owns assets in metals and energy, including a 48
percent stake in Rusal, a Hong Kong-listed Russian aluminum
producer, which is a big consumer of hydroelectricity produced
by En+'s power companies.
Deripaska has decided to relinquish direct operational control
in the two companies because En+ became a publicly-listed
company after its share sale in November, one of the sources
told Reuters. The boards of directors of En+ and Rusal will
consider the management changes at their meetings on Feb. 22,
the source added.
The upcoming management re-shuffle was first reported by the
Russia's Kommersant newspaper on Monday. Maxim Sokov, En+
current chief executive officer, will become En+'s president,
Kommersant said.
Vladislav Soloviev, Rusal CEO, will become CEO of En+ and
president of Rusal, while Rusal's current chief financial
officer, Alexandra Bouriko, will be appointed Rusal CEO, one of
Reuters' sources said.
Rusal and En+ declined official comment.
Most metal sector analysts saw the news as neutral for Rusal and
En+ given that a succession plan has already been lined up,
drawing on existing company managers, which should ensure
continuity.
But some analysts questioned the timing of Deripaska stepping
down.
Rusal owns a stake in Norilsk Nickel <GMKN.MM>, and a power
struggle over the nickel producer resurfaced on Friday. Russian
billionaire Vladimir Potanin has offered to buy the $1.5 billion
stake in the mining group held by Roman Abramovich, owner of the
Chelsea soccer club. Deripaska tried to block the deal.
"The timing looks a bit strange, coinciding with the resumption
of the shareholder conflict at Norilsk Nickel," analysts at Aton
said in a note.
(Reporting by Polina Devitt and Anastasia Lyrchikova; editing by
David Evans)
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