Commodity trader Glencore denied buying large stake of Rosneft


According to a press release, issued by Glencore, the company will acquire only 0.54% of indirect equity interest of the Russian oil company.

Thus, the company denied the information about acquiring of 19.5% of Rosneft for €10.5 billion, that appeared in media earlier.

Also, the transaction will be paid by Glencore shares, rather than cash. The main source of financing of the transaction will be Italian bank Intesa, which provide the main part of the funds, reports Reuters.

It is well known that the Italian bank has a long history of cooperation with Rosneft.