Glencore, Qatar Investment Authority to Sell Rosneft Oil Stake

Glencore PLC (GLEN.LN) on Friday said its consortium with the Qatar Investment Authority has agreed to sell a 14.2% stake in Russia's Rosneft Oil Co. (ROSN.MZ) to Chinese conglomerate CEFC China Energy Company Ltd.

Following the sale, Glencore will own 0.5% of Rosneft Oil and QIA will own 4.7%, Glencore said.

Glencore said the shares in Rosneft Oil will be sold at around 16% above their average share price over the past 30 days.

Shares at 1200 GMT, down 2.2 pence, or 0.6%, at 366.3 pence valuing the company at 53.11 billion pounds ($69.43 billion).

-Write to Rory Gallivan at; Twitter: @RoryGallivan

(END) Dow Jones Newswires

September 08, 2017 08:44 ET (12:44 GMT)