CEFC China To Acquire 14.16% Stake In Rosneft From Glencore And Qatar Investment For US$9.1 Billion

Published: Sep 08 2017
Deal Summary

CEFC China Energy Company Limited, a company engaged primarily in energy and financial services businesses, entered into an agreement to acquire a 14.16% stake in Rosneft Oil Company, an integrated oil company, from the consortium of Glencore plc, a diversified natural resource company, and Qatar Investment Authority (QIA), a state-owned holding company, for a purchase consideration of US$9,100 million (MM).

Under the terms, CEFC China will buy shares at a premium of approximately 16% to the 30-day volume weighted average price of Rosneft as on September 8, 2017.

Currently, Glencore and QIA together own 19.36% stake in Rosneft. Following the completion of the transaction, Glencore will own 0.5% stake and QIA will own 4.7% stake in Rosneft.

The transaction will enable CEFC China to strengthen its oil and gas business portfolio.

Deal history

Update: On September 27, 2017, CEFC China received the approval from the Chinese regulatory body for the acquisition of a 14.16% stake in Rosneft, from Glencore and Qatar Investment.

Announced: On September 8, 2017, CEFC China entered into an agreement to acquire a 14.16% stake in Rosneft from the consortium of Glencore and Qatar Investment, for a purchase consideration of US$9,100 MM.

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