13th Mar 2015 14:09
LONDON (Alliance News) - FTSE 100-listed mining and commodities company Glencore PLC on Friday clarified the restructuring process surrounding its stake in Russian oil company Russneft.
Glencore noted an interview given by Russneft Chairman Mikhail Gutseriev to a Russian television channel earlier this week in which he referred to an agreement to issue shares in Russneft to Glencore.
Glencore said it holds large minority interests in production subsidiaries of Russneft and confirmed it has an agreement in place to exchange these minority interests for a 49% stake in Russneft's holding company.
The completion of this exchange remains outstanding, Glencore said, adding that, contrary to media reports, no conversion of Russneft's outstanding loan commitments to Glencore has taken place.
Shares in Glencore were down 2.7% to 278.05 pence on Friday, one of the worst performers in the FTSE 100.
By Sam Unsted; [email protected]; @SamUAtAlliance
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