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Commodity trader Gunvor denies Russian report it up for sale
May 21, 2014 / 6:11 AM / in 4 years

Commodity trader Gunvor denies Russian report it up for sale

MOSCOW, May 21 (Reuters) - Commodity trading house Gunvor denied a Russian newspaper report on Wednesday that it was up for sale after its major shareholder Gennady Timchenko sold his stake in March just before the United States imposed sanctions on him over Ukraine.

Russia’s Kommersant business daily quoted market sources as saying the Swiss-based trader had discussed a possible sale to Kremlin-controlled oil producer Rosneft.

“The article is pure fiction. The company is not up for sale,” said a spokesman for Gunvor.

A Rosneft spokesman also said there “was no such offer”. (Reporting by Vladimir Soldatkin, editing by Elizabeth Piper)

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