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Intesa to provide bulk of funds to Glencore for Rosneft deal - sources
December 8, 2016 / 9:49 AM / 9 months ago

Intesa to provide bulk of funds to Glencore for Rosneft deal - sources

LONDON, Dec 8 (Reuters) - Italian bank Intesa Sanpaolo is expected to provide the bulk of non-recourse funds to commodities trader Glencore to help it finance the purchase of a stake in the Kremlin oil major Rosneft, two sources familiar with the transaction said.

Russia said on Wednesday it had sold a stake in Rosneft for 10.5 billion euros ($11.3 billion) to Qatar and Glencore.

Glencore said it would finance part of the deal by putting up 300 million euros of its own equity, with the rest financed by banks and by the Qatari sovereign fund, the Qatar Investment Authority. (Reporting by Dmitry Zhdannikov and Karin Strohecker)

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