- Glencore Xstrata (GLCNF, GLNCY) is poised to take an equity stake this year in Russian oil company Rosneft (RNFTF) under the terms of a renegotiated loan agreement.
- Glencore says Rosneft has refinanced part of its debt and repaid $1B in December, and the two companies agree to amend the terms of the remaining loan so that it would convert at least $900M into an equity stake in Rosneft during 2014.
- Also says it will study the sale of BHP Billiton’s Australian nickel assets; BHP has booked impairment charges on the Nickel West assets of nearly $1.6B over the past two fiscal years.
- Shares +2.5% in London after the company beat analysts’ earnings estimates in its first annual results since the Xstrata takeover.
From other sites
at CNBC.com (Jun 19, 2014)
at CNBC.com (May 29, 2014)
at CNBC.com (May 5, 2014)
at CNBC.com (Mar 10, 2014)
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