Russia's En+ names former UK energy minister as chairman ahead of IPO

LONDON (Reuters) - Russia’s En+ Group, the aluminium and hydropower group controlled by tycoon Oleg Deripaska, has named former UK energy minister Gregory Barker as chairman ahead of its London listing next month.

The listing of En+ is the first major London IPO of a Russian company since Russia annexed Ukraine’s Crimea region in 2014, making it a big test of international investor appetite for Russian assets three years after Western countries imposed sanctions on Moscow.

Barker served as energy and climate change minister in Britain between 2010 and 2014 under then Prime Minister David Cameron before stepping down as an elected lawmaker in 2015. He now sits in Britain’s second parliamentary chamber, the House of Lords.

He has experience in Russia, having worked for Roman Abramovich’s Sibneft oil company.

En+ chief executive Maxim Sokov said Barker’s appointment “reinforces En+ Group’s commitment to best standards of corporate governance”.

En+ is looking to raise up to $1.5 billion from the sale of new and existing shares in November. Singapore’s AnAn Group, a strategic partner of China’s CEFC, has agreed to purchase global depository receipts (GDRs) during the IPO for $500 million.

(This story has been corrected in fourth paragraph to remove reference to Barker working for the Anglo-Siberian Oil Company)

Reporting by Rachel Armstrong and Polina Devitt, editing by Anjuli Davies