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Reuters reported that Glencore (LSE:GLEN) may soon enter a debt for equity deal with Russneft, one of Russian ten largest oil producers, to gain a 49% stake.
Reuters reported that Glencore (LSE:GLEN) may soon enter a debt for equity deal with Russneft, one of Russian ten largest oil producers, to gain a 49% stake.
As quoted in the market news,
Russian oil producer Russneft as a result of a restructuring, its owner said on Wednesday, despite fears that an escalating conflict between Moscow and the West over Ukraine could lead to wider sanctions against the Kremlin.
The non-cash transaction will convert shares Glencore has held for the past decade in Russneft’s subsidiaries into a stake in the parent company, said Gutseriyev.