After the privatization Glencore will provide more than 5% of “Rosneft”


Swiss trader Glencore in the framework of the attract credit financing provides more than 50% acquired their shares for the transaction on purchase “Rosneft”. About it has informed journalists a source in “Rosneft”.

According to him, the new shareholders spend a deal on the scheme-funded buyout (leveraged buy-out, LBO). “A significant, a large part of its stake Glencore zahedzhirovat,” he added (quoted by “RIA Novosti”).

Buyers of 19.5% of Russian oil companies is a consortium of Qatari state Fund Qatar Investment Authority (QIA) and trader Glencore (deal is not closed yet). Equity participation of the shareholders in the consortium is 50%. So, indirectly the share of traders in the oil company will make 9,75%. Accordingly, in Deposit in banks may be more 4,875% Rosneft (half indirect shares of Glencore).

The amount of the transaction is 692 billion rubles, the Completion of the transaction is expected in mid-December.

While investors ‘ funds stood at €2.8 billion Glencore in its press release announced that the trader has presented to the consortium capital of €300 million and the remaining funding of €2.5 billion will represent QIA and one of the banks.

The interviewee said that “significantly more than 50%” of the credit funds of €7.4 billion will Finance Italian Bank Intesa Sanpaolo, which was previously announced by the interlocutors , and on the eve of the said oil company.
In the financing transactions with the participation of the syndicate of 4-5 “core” banks. The source in the oil company did not specify which banks he was referring to.

In the message “Rosneft” said that the Federal budget will go 710,8 bn (€10.5 billion) is due to additional dividends from Rosneftegaz (the seller of the share in “Rosneft”) in favor of the state.

Source