Glencore, QIA to Proceed with EUR7.78 Billion Sale of Rosneft Stake
October 16 2017 - 11:39AM
Dow Jones News
By Adam Clark
Glencore PLC (GLEN.LN), alongside consortium partner the Qatar
Investment Authority, said Monday that it has decided to proceed
with its previously announced sale of a 14% stake in Rosneft Oil
Co. (ROSN.MZ).
The sale to CEFC China Energy Co Ltd. was originally announced
in September. Glencore said negotiations have now been finalized
and the consideration for the deal will be a combined 3.90 billion
euros ($4.60 billion), and $4.58 billion converted into euros.
At current exchange rates, this indicates a total sale price of
EUR7.78 billion.
Following the sale, Glencore and QIA will hold a 0.5% and 4.8%
interest in Rosneft respectively.
Shares in Glencore at 1555 GMT are up 1.52% pence, at 382.88
pence.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
October 16, 2017 12:24 ET (16:24 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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