6th May 2018 17:14
LONDON (Alliance News) - Glencore PLC announced that the Glencore-Qatar Investment Authority consortium has sent a notice to CEFC to terminate the agreement originally put in place in December 2016 for the purposes of acquiring a 19.5% stake in Rosneft and will take direct ownership of the underlying Rosneft shares.
Glencore will retain a 0.57% holding in Rosneft. Qatar will pay Glencore about EUR3.7 billion for the shares it's acquiring.
Glencore said that the consortium has entered into an agreement to transfer a 14.16% 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.
The agreement will become effective on May 7.
After the new deal, Qatar Investment Authority will own 18.93% of Rosneft.
Related Shares:
Glencore