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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Glencore    GLEN   JE00B4T3BW64

GLENCORE (GLEN)
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Glencore : CEFC buys a 14.16% stake in the state-run company Rosnef

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09/12/2017 | 12:28pm CET

The Chinese conglomerate CEFC China Energy will purchase a 14.16% stake in the Russian state-run company Rosneft from QHG, a consortium of Glencore and the Qatar Investment Authority (QIA) for US$9.1bn. Once the current transaction is completed, Glencore and the QIA will retain stakes of 0.5% and 4.7% respectively.

This agreement strengthens the energy partnership between the two companies, which have been increasing their cooperation in the last months. Previously in September 2017, Rosneft and CEFC China Energy have signed a cooperation agreement and a contract for the supply of Russian crude oil to China.

Rosneft`s share in oil production approximates 40% in the Russian Federation and 6% globally.

(c) 2017 CNEgypt. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 206 B
EBIT 2017 8 298 M
Net income 2017 5 321 M
Debt 2017 21 551 M
Yield 2017 2,46%
P/E ratio 2017 13,30
P/E ratio 2018 12,53
EV / Sales 2017 0,43x
EV / Sales 2018 0,40x
Capitalization 67 123 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 5,31 $
Spread / Average Target 14%
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Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Independent Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
Leonhard Heinrich Fischer Independent Non-Executive Director
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