Glencore, QIA to Proceed with EUR7.78 Billion Sale of Rosneft Stake

By Adam Clark

Glencore PLC (GLEN.LN), alongside consortium partner the Qatar Investment Authority, said Monday that it has decided to proceed with its previously announced sale of a 14% stake in Rosneft Oil Co. (ROSN.MZ).

The sale to CEFC China Energy Co Ltd. was originally announced in September. Glencore said negotiations have now been finalized and the consideration for the deal will be a combined 3.90 billion euros ($4.60 billion), and $4.58 billion converted into euros.

At current exchange rates, this indicates a total sale price of EUR7.78 billion.

Following the sale, Glencore and QIA will hold a 0.5% and 4.8% interest in Rosneft respectively.

Shares in Glencore at 1555 GMT are up 1.52% pence, at 382.88 pence.

Write to Adam Clark at adam.clark@dowjones.com

(END) Dow Jones Newswires

October 16, 2017 12:24 ET (16:24 GMT)

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