4th May 2018 18:02
LONDON (Alliance News) - Glencore PLC cancelled the sale of its 14.2% holding in Rosneft to CEFC China Energy Company Ltd on Friday.
The Anglo-Swiss mining company said it is set to dissolve the consortium created in 2016 with Qatar Investment Authority. The latter is set to take direct ownership of Rosneft shares.
Glencore's interest in the consortium amounts to approximately EUR3.7 billion.
The consortium will transfer a 14.2 %stake in Rosneft to a wholly owned subsidiary of QIA to settle its liabilities, in an agreement which will become effective on May 7.
After the transfer, Glencore will retain an equity stake in Rosneft of 0.57%, and QIA will hold an equity stake of 18.93%.
On Friday Glencore shares closed at 359.65 pence, up 0.1%.
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