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