VTB closed the CEFC line of credit for 5 billion Euro, opened for the purchase of shares of “Rosneft”
VTB closed the credit line of the Chinese CEFC 5 billion euros, previously open to buy shares of Rosneft ROSN, told RIA Novosti the head of the second assets of a Russian Bank Andrey Kostin.
“Everything is closed”, – said Kostin on the question of the line of credit.
The consortium QIA and Swiss commodity trader Glencore in 2016 bought 19.5% of Rosneft shares during the privatization transaction, and in 2017, announced the sale of the 14,16% of the shares from this package to the Chinese CEFC. The sum of transaction was estimated at 9.1 billion. As expected, the share of Glencore will be 0.5%, QIA is 4.7%.
In early February, Kostin said that VTB has already opened the CEFC line of credit of 5 billion euros, but the money it issued. Credit funds are expected to provide for the Deposit of the purchased package of “Rosneft” 14.16%.
However, closing the CEFC for the purchase of shares of “Rosneft” was called into question after in March it became known about the problems Chinese companies. According to media reports, the company has encountered difficulties in raising a loan to pay for the package of shares of “Rosneft” and its head E Jian Ming is the home of the under investigation on suspicion of economic crimes.
In early may, Glencore said that the consortium was notified by the Chinese about the CEFC the termination of the agreement on the sale of shares of “Rosneft” 14.16%. The company also disbanded the consortium, after completing the transaction, QIA will own was 18.93% stake in Rosneft, and Glencore — 0,57%. Following the transaction, Glencore will receive about 3.7 billion euros.