Russian magnate Deripaska to quit roles at his two biggest firms
Deripaska
MOSCOW  (Reuters) - Russian billionaire Oleg Deripaska  plans to step down as the president of the two companies  he  controls  aluminum giant Rusal (0486.HK) and En+ Group (ENPLq.L)  two sources familiar with the matter told Reuters.
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.
 Deripaskaâs 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+âs 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.
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.
â The timing  looks a bit strange  coinciding with the resumption of the shareholder conflict at Norilsk Nickel â analysts at Aton said in a note.
MOSCOW   [TGT] plans to step down as the president of the two companies   [TGT]   controls  aluminum giant Rusal (0486.HK) and En+ Group (ENPLq.L)  two sources familiar with the matter told  [TGT] .
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  [TGT]  last week. However  the inclusion of  [TGT] on the U.S. list is making some U.S. banks who worked with En+ on   [TGT]   initial public offering in November wary about participating this time  one of the sources said.
 Deripaskaâs 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+âs power companies.
  [TGT] has decided to relinquish direct operational control in the two companies because En+ became a publicly-listed company after   [TGT]   share sale in November  one of the sources told  [TGT] . The boards of directors of En+ and Rusal will consider the management changes at their meetings on Feb. 22  the source added.
But some analysts questioned   [TGT]  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.   [TGT] tried to block the deal.
â  [TGT] looks a bit strange  coinciding with the resumption of the shareholder conflict at Norilsk Nickel â analysts at Aton said in a note.