Opacity of Glencore-QIA Rosneft deal worries lenders

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By Dan Alderson, Jon Hay
02 Feb 2017

Loan bankers are demanding clarity on the true ownership of the 19.5% stake in Rosneft privatised at the end of last year, as Intesa Sanpaolo prepares to syndicate the €5.2bn loan it has provided to back the deal, write Dan Alderson and Jon Hay.

Intesa underwrote the loan at the beginning of this year to support Glencore and the Qatar Investment Authority’s purchase of the stake from Rosneftegaz, the company’s parent.

But the structure used for the acquisition is complex and opaque, leading to widespread media speculation about where the money is ...

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