May 4, 2018 / 3:56 PM / 6 months ago

BRIEF-Glencore Says Consortium Sent Notice To CEFC To Terminate Rosneft Stake Agreement

May 4 (Reuters) - Glencore Plc:

* STAKE IN ROSNEFT HELD BY GLENCORE-QIA CONSORTIUM

* REFERS TO ANNOUNCEMENT ON 16 OCTOBER 2017 CONCERNING CONSORTIUM'S AGREEMENT TO SELL TO CEFC CHINA ENERGY COMPANY LIMITED A 14.16% STAKE IN ROSNEFT

* SENT A NOTICE TO CEFC TO TERMINATE THAT AGREEMENT IN ACCORDANCE WITH ITS TERMS AND ACCORDINGLY THAT PROPOSED SALE WILL NO LONGER PROCEED

* GLENCORE - MEMBERS OF CONSORTIUM AGREED TO DISSOLVE CONSORTIUM ORIGINALLY PUT IN PLACE IN DECEMBER 2016 FOR PURPOSES OF ACQUIRING A 19.5% STAKE IN ROSNEFT

* CONSORTIUM HAS TODAY ENTERED INTO AN AGREEMENT TO TRANSFER A 14.16% STAKE IN ROSNEFT TO A WHOLLY OWNED SUBSIDIARY OF QIA

* CONSIDERATION FOR THE TRANSFER WILL TO BE USED FOR SETTLEMENT OF CONSORTIUM'S LIABILITIES

* AGREEMENT WILL BECOME EFFECTIVE ON 7 MAY 2018

* ON COMPLETION OF TRANSACTION, CONSORTIUM WILL BE WOUND UP AND MARGIN GUARANTEES PROVIDED BY GLENCORE WILL BE TERMINATED

* GLENCORE - AT COMPLETION, GLENCORE WILL RETAIN AN EQUITY STAKE IN ROSNEFT SHARES COMMENSURATE WITH ITS ORIGINAL EQUITY INVESTMENT ANNOUNCED IN JANUARY 2017

* GLENCORE - CONSIDERATION FOR TRANSACTION ATTRIBUTABLE TO GLENCORE'S INTEREST IN CONSORTIUM (BEING 50% OF CONSIDERATION FOR TRANSACTION) IS ABOUT EUR 3.7 BILLION Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below