September 8, 2017 / 2:16 PM / 3 months ago

Intesa Sanpaolo says to recoup loan after Rosneft stake sale

MILAN (Reuters) - Italian bank Intesa Sanpaolo will recoup a 5.2 billion euros ($6.3 billion) loan as a result of Chinese conglomerate CEFC’s acquisition of a 14.16 percent stake in Russian oil major Rosneft, the lender said on Friday.

Intesa had extended the loan to help commodities trader Glencore (GLEN.L) and the Qatar Investment Authority buy a 19.5 percent stake in Rosneft. Glencore and QIA sold most of that stake to CEFC for $9.1 billion in a deal unveiled earlier on Friday.

    “Following the sale of 14.16 percent of the Rosneft stake held by the QIA-Glencore consortium to the CEFC fund, the funding granted by Intesa Sanpaolo to the consortium, of the amount of 5.2 billion euros, will be fully reimbursed,” a spokesman for the bank said in an emailed statement.

    ($1 = 0.8313 euros)

    Reporting by Stephen Jewkes; Editing by Mark Bendeich

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