The parent company of United Company RUSAL, International Public Joint-Stock Company (SEHK:486), En+ Group International public joint-stock company (LSE:ENPL), is considering carving out its international business into a new company owned by management and non-Russian investors. The discussions show how the invasion of Ukraine has brought down the curtain on any hopes of corporate integration between Russia and the world. Rusal is 57% owned by En+ Group International PJSC.

The new company would take over Rusal's alumina, bauxite and aluminum assets across the globe, including in Africa, Australia and Europe, according to people familiar with the matter, who asked not to be identified discussing private information. The deal would leave two companies: a new entity that would hold the group's international assets and would no longer have any Russian ownership, control or management, and the existing group's largely Russian assets, according to one of the people. Glencore plc (LSE:GLEN) is among En+'s largest non-Russian shareholders, and therefore is likely to be involved in the deal, one of the people said.

A Glencore spokesman declined to comment. The press service at En+ declined to comment.