Glencore’s obtaining a stake in Russneft not connected with the debt

​The obtaining of a stake by Glencore in a new head company RussNeft, that will be formed from RussNeft and Neftisa as a result of the amalgamation of M. Gutseriev’s assets, is not connected with the debt of RussNeft before Glencore, Bloomberg report referring to the representative of Glencore.

Glencore has confirmed that it had agreed to exchange the shares of RussNeft’s affiliates for 49% in the new head company RussNeft.

Glencore will obtain 49% in the head company on the basis of the amalgamation of RussNeft and Neftisa. Mr. Gutseriev said yesterday the amalgamation of the companies will be held after the settlement of all issues with the partner Glencore which is the holder of a package of shares in a number of RussNeft’s affiliates. FAS has already received all the necessary permissions for the conversion of the package of shares of affiliates into the shares of the head company – RussNeft, he said.