Oct 18 (Reuters) - Russia’s holding group En+ Group said:
* En+ Group signed non-binding term sheet with Amokenga Holdings Limited (AHL), a subsidiary of Glencore plc, for the conversion of Glencore’s 8.75 percent shareholding in Rusal into global depositary receipts representing ordinary shares of En+ Group.
* The conversion is expected to occur following the completion of the announced initial public offering by En+ Group.
* Upon completion of conversion, En+ Group’s shareholding in Rusal would increase to 56.88 percent from 48.13 percent.
* En+ says following completion of transaction, AHL would be entitled to appoint Glencore CEO to the board of directors of En+ Group.
* En+ is not required to make a mandatory takeover offer as a result of transaction. Source text for Eikon: (Reporting by Moscow Newsroom)