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0IVW Innofactor Oyj

10.36
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Innofactor Oyj LSE:0IVW London Ordinary Share GLENCORE UNSPONSORED ADR REPRESENTING 2
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 10.36 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Glencore PLC Stake in Rosneft held by Glencore-QIA Consortium (2346N)

04/05/2018 4:37pm

UK Regulatory


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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.

www.facebook.com/Glencore

www.flickr.com/photos/glencore

www.instagram.com/glencoreplc

www.linkedin.com/company/8518

www.slideshare.net/glencore

www.twitter.com/glencore

www.youtube.com/glencorevideos

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

END

MSCAIMATMBJMBAP

(END) Dow Jones Newswires

May 04, 2018 11:37 ET (15:37 GMT)

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