Glencore and Qatar Investment Authority to sell 14.16% stake in Rosneft to CEFC
09 SEP 2017
The consortium (the Consortium) controlled by Glencore [LON: GLEN] and Qatar Investment Authority has concluded an agreement with CEFC China Energy Company Limited (CEFC) [SGX: Y35] regarding a transaction in terms of which the Consortium would dispose of a 14.16% stake in Rosneft Oil Company [MCX: ROSN] (Rosneft) to CEFC (the Shares) at a premium of approximately 16% to the 30 day volume weighted average price of Rosneft shares on 8 September 2017.
Following the transaction, Glencore and QIA would retain an economic interest in Rosneft shares commensurate with their original equity investment announced in December 2016, which amounts to approximately 0.5% and 4.7% respectively.
A further announcement will be made in due course.
Rosneft has a market cap of USD 57.645bn.