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Glencore, Qatar Investment Authority to Sell Rosneft Oil Stake

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09/08/2017 | 02:45pm CET

By Rory Gallivan

LONDON--Glencore PLC (>> Glencore) on Friday said its consortium with the Qatar Investment Authority has agreed to sell a 14.2% stake in Russia's Rosneft Oil Co. (>> NK Rosneft' PAO) to Chinese conglomerate CEFC China Energy Company Ltd.

Following the sale, Glencore will own 0.5% of Rosneft Oil and QIA will own 4.7%, Glencore said.

Glencore said the shares in Rosneft Oil will be sold at around 16% above their average share price over the past 30 days.

Shares at 1200 GMT, down 2.2 pence, or 0.6%, at 366.3 pence valuing the company at 53.11 billion pounds ($69.43 billion).

-Write to Rory Gallivan at [email protected]; Twitter: @RoryGallivan

Stocks mentioned in the article : Glencore, NK Rosneft' PAO
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