Qatar And Glencore Scrap Plan To Sell Rosneft Stake To CEFC

Shutterstock photo

(RTTNews.com) - Glencore Plc (GLCNF.PK, GLNCY.PK, GLEN.L) announced that Glencore-QIA Consortium has sent a notice to CEFC to terminate that agreement originally put in place in December 2016 for the purposes of acquiring a 19.5 precent stake in Rosneft and will take direct ownership of the underlying Rosneft shares. Glencore will retain a 0.57 percent holding in Rosneft. Qatar will pay Glencore about 3.7 billion euros for the shares it's acquiring.

Glencore said that the Consortium has entered into an agreement to transfer a 14.16 percent stake in Rosneft to a wholly owned subsidiary of QIA the consideration for which will to be used for the settlement of the Consortium's liabilities. This agreement will become effective on 7 May 2018. After the new deal, Qatar Investment Authority will own 18.93 percent of Rosneft.

Read the original article on RTTNews (http://www.rttnews.com/2891302/qatar-and-glencore-scrap-plan-to-sell-rosneft-stake-to-cefc.aspx)

For comments and feedback: contact editorial@rttnews.com

This article appears in: World Markets , Stocks , Technology , Oil , Commodities
Referenced Symbols: GLCNF ,

More from RTT News


See All RTT news

Research Brokers before you trade

Want to trade FX?