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Tuesday, 13 December 2016

Glencore uses Aussie playbook for Rosneft deal

Glencore uses Aussie playbook for Rosneft deal:
"On Tuesday last week Glencore’s fast-talking chief executive Ivan Glasenberg made his way to a five-star hotel in Moscow for a commodities conference.

As he took questions about a new agreement by Opec, the oil producers’ cartel, to curb production and boost prices, few if any in the audience would have guessed that Mr Glasenberg was closing in on a deal that would also stun the market.

But one day later, Glencore and Qatar’s sovereign wealth fund, the miner cum trader’s largest shareholder, confirmed a complex deal to buy a 19.5 per cent stake in Rosneft, Russia’s largest oil producer, for €10.2bn."

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