Ex-NRG CEO David Crane to exercise voting rights for VTB’s stake in EN+: source

NRG Energy President and CEO David Crane participates in the Washington Ideas Forum, in Washington
FILE PHOTO – Then NRG Energy President and CEO David Crane participates in the Washington Ideas Forum, in Washington October 29, 2014. REUTERS/Jonathan Ernst

January 28, 2019

LONDON (Reuters) – David Crane, former chief executive of U.S power company NRG Energy, will exercise the voting rights for Russian bank VTB’s stake in EN+, as part of the agreement for the United States to waive sanctions against the company previously controlled by Oleg Deripaska, a source close to the matter said.

Russian tycoon Deripaska has agreed to reduce his stake in London-listed En+ to 44.95 percent from 70 percent and assign any voting rights above 35 percent to a voting trust formed by U.S. independent trustees D. J. Baker, David Crane, Arthur Dodge and Jersey-based Ogier Global Nominee Limited.

VTB Bank, Russia’s second-largest lender, lifted its stake in EN+ to 22.27 percent from 7.65 percent, as part of the deal, but will now have votes representing 6.25 percent that will be controlled by Crane.

(Reporting by Clara Denina; Editing by Rachel Armstrong)

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