Glencore Plc (LSE:GLEN) along with Qatari sovereign wealth fund of Qatar Investment Authority agreed to acquire 19.5% stake in Public Joint Stock Company Rosneft Oil Company (LSE:ROSN) from OJSC Rosneftegaz for €10.5 billion on December 7, 2016. Under the proposed arrangements, Glencore will commit €300 million in equity and Qatar Investment Authority will commit €2.5 billion in equity with the balance of the consideration for the acquisition to be provided by non-recourse bank financing, principally by Intesa Sanpaolo S.pA., with Russian banks also providing financing and credit support. Glencore Plc along with Qatari sovereign wealth fund of Qatar Investment Authority entered into an agreement to acquire 19.5% stake in Public Joint Stock Company Rosneft Oil Company (LSE:ROSN) from OJSC Rosneftegaz on December 10, 2016. The deal, subject to fulfillment of relevant closing conditions, including finalization of all relevant financing, is expected to close by December 15, 2016. Intesa Sanpaolo S.p.A. (BIT:ISP) acted as financial advisor and White & Case LLP acted as legal advisor for OJSC Rosneftegaz. Linklaters LLP acted as legal advisor and Bank of America Merrill Lynch International Limited acted as financial advisor for Glencore. Scott Senecal, Polina Lyadnova, Ekaterina Abrossimova, Olga Prokosheva, Vladimir Miroshnichenko, Massimiliano Di Tommaso, Adam Machray, Edward Crane, Federico Cenzi, Paul Marquardt, Sunil Gadhia, David Toube, Christopher Robins, Richard Sultma, Bridget English and Christopher Cook of Cleary Gottlieb Steen & Hamilton acted as legal advisor to Qatar Investment Authority. Andrea Novarese, Maria Cristina Storchi, Gabriele Pavanello, Erika Brini Raimondi, Ragnar Johannesen, Mikhail Turetsky, Igor Sotnikov, Oksana Uberwolf, William McGlone, Les Carnegie, Charles Claypoole, Christopher Kandel, Stephen Kensell, Philipp Vorbeck, Braden Sheps, Timothy Hia, Lyndon Tan, Howe Min Wee and Junren How of Latham & Watkins acted as legal advisor to Intesa Sanpaolo in the financing transaction. Martin Hull, Chris Hawley, Edoardo Fassati, Giovanni Salvetti and Guillaume Moinet of Rothschild & Co acted as financial advisors to Qatar Investment Authority.

Glencore Plc (LSE:GLEN) along with Qatari sovereign wealth fund of Qatar Investment Authority completed the acquisition of 19.5% stake in Public Joint Stock Company Rosneft Oil Company (LSE:ROSN) from OJSC Rosneftegaz on January 5, 2017.