The Swiss-headquartered commodity trading and mining company, Glencore, and the Qatari Investment Authority (QIA) recently sought legal advice as they approached Rosneft with a view to taking a €10.5 billion stake in the Russian oil giant. The offer would see Glencore and QIA jointly own 19.5 per cent of the oil company’s shares. Currently, Rosneft is state-owned, which means the deal will effectively privatise it. The Russian President, Vladimir Putin, recently made a public statement confirming the deal, the negotiation and completion of which has been made difficult by the international sanctions currently imposed on Russia by the US and the EU after its unlawful annexation of Crimea from the Ukraine in 2014.
Linklaters is advising its long-term client Glencore on the deal, while Cleary Gottlieb Steen & Hamilton has been instructed by QIA. White & Case has also played a pivotal role, advising Rosneft. Conflicting statements have been made by the parties involved. The Kremlin recently released a statement stipulating that the privatisation deal had been completed, while Glencore stated that they were in the final stages of negotiations.