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Rosneft Announces Successful Finalization of a Project with Saras S.p.A.

Source: www.gulfoilandgas.com 1/18/2017, Location: Europe

Rosneft JV Projects S.A. (Luxembourg), an indirect subsidiary of Rosneft Oil Company, announces the agreement to sell to institutional investors 114,120,000 ordinary shares in Saras S.p.A., representing 12% of the total share capital in Saras S.p.A., at a price of EUR 1.53 per share through an accelerated bookbuilding.

Following the disposal of the remaining stake Rosneft fully withdraws from the shareholders of Saras S.p.A.

Rosneft net profit from its investment in Saras S.p.A. shares over 2013-2017 exceeded EUR 80 million (including dividends received). Total rate of return equals 9% p.a. in EUR.

The sale is a part of the ongoing portfolio optimization of Rosneft, related, among other things, to Rosneft’s inability to implement its previous agreements to increase its stake in the asset to the level of controlling interest as a result of sanctions’ restrictions. The proceeds from the disposal will be directed to the implementation of strategic projects with other Italian partners of Rosneft.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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