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Oleg Deripaska to cede majority control over En+ Group to address US sanctions

En+ Group PLC said May 18 that its board endorsed Independent Chairman Gregory Barker's proposal and strategy, dubbed the Barker plan, in a bid to lift U.S. sanctions imposed against the company in April.

In April, the U.S. Office of Foreign Assets Control outlined terms for the relief of sanctions, and in line with these terms, the Barker plan will see Oleg Deripaska ceding control over En+ Group, with his stakes to be reduced below 50%, and influence over the company's board through the appointment of a majority of independent directors.

Barker accepted Deripaska's resignation as a nonexecutive director, with immediate effect, and will propose the appointment of Philippe Mailfait as an independent director of En+ Group and as Deripaska's replacement on the board of United Co. Rusal PLC.

In a separate statement, En+ Group said the first-quarter net profit of its metals business surged 190.9% year on year to US$544 million as revenues rose 19.5% to US$2.74 billion, buoyed by higher aluminum prices and premiums.

Production in the first quarter remained stable. Aluminum output rose 2.3% on an annual basis to 931,000 tonnes, and bauxite production grew 3.2% to 2.96 million tonnes, while alumina production stood flat at 1.89 million tonnes.