Glencore PLC Stake in Rosneft held by Glencore-QIA Consortium (2346N)
May 04 2018 - 11:37AM
UK Regulatory
TIDMGLEN
RNS Number : 2346N
Glencore PLC
04 May 2018
Glencore plc
Baar, Switzerland
4 May 2018
Stake in Rosneft held by Glencore-QIA Consortium
Glencore refers to the announcement on 16 October 2017
concerning the Consortium's agreement to sell to CEFC China Energy
Company Limited a 14.16% stake in Rosneft.
The Consortium has today sent a notice to CEFC to terminate that
agreement in accordance with its terms and accordingly that
proposed sale will no longer proceed.
The members of the Consortium have agreed to dissolve the
Consortium 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. In connection with
that, the Consortium has today entered into an agreement to
transfer a 14.16% stake in Rosneft to a wholly owned subsidiary of
QIA (the "Transaction") the consideration for which will to be used
for the settlement of the Consortium's liabilities. This agreement
will become effective on 7 May 2018.
On completion of the Transaction, the Consortium will be wound
up and the margin guarantees provided by Glencore will be
terminated. At that point, Glencore will retain an equity stake in
Rosneft shares commensurate with its original equity investment
announced in January 2017, which amounts to 0.57%, and QIA will
hold an equity stake of 18.93%.
The Transaction is subject to a number of conditions in favour
of QIA and regulatory approvals.
The consideration for the Transaction attributable to Glencore's
interest in the Consortium (being 50% of the consideration for the
Transaction) is approximately EUR 3.7 billion.
For further information please contact:
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
Investors
Martin Fewings t: +41 41 709 2880 m: +41 79 737 5642 martin.fewings@glencore.com
Ash Lazenby t: +41 41 709 2714 m: +41 79 543 3804 ash.lazenby@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified
natural resource companies and a major producer and marketer of
more than 90 commodities. The Group's operations comprise around
150 mining and metallurgical sites, oil production assets and
agricultural facilities.
With a strong footprint in both established and emerging regions
for natural resources, Glencore's industrial and marketing
activities are supported by a global network of more than 90
offices located in over 50 countries.
Glencore's customers are industrial consumers, such as those in
the automotive, steel, power generation, oil and food processing
sectors. We also provide financing, logistics and other services to
producers and consumers of commodities. Glencore's companies employ
around 146,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on
Security and Human Rights and the International Council on Mining
and Metals. We are an active participant in the Extractive
Industries Transparency Initiative.
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www.linkedin.com/company/8518
www.slideshare.net/glencore
www.twitter.com/glencore
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Disclaimer
The companies in which Glencore plc directly and indirectly has
an interest are separate and distinct legal entities. In this
document, "Glencore", "Glencore group" and "Group" are used for
convenience only where references are made to Glencore plc and its
subsidiaries in general. These collective expressions are used for
ease of reference only and do not imply any other relationship
between the companies. Likewise, the words "we", "us" and "our" are
also used to refer collectively to members of the Group or to those
who work for them. These expressions are also used where no useful
purpose is served by identifying the particular company or
companies.
This information is provided by RNS
The company news service from the London Stock Exchange
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