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Intesa to provide bulk of funds to Glencore for Rosneft deal - sources

Reuters - UK Focus

LONDON, Dec (Shanghai: 600875.SS - news) 8 (Reuters) - Italian bank Intesa Sanpaolo (Amsterdam: IO6.AS - news) is expected to provide the bulk of non-recourse funds to commodities trader Glencore (Frankfurt: 8GC.F - news) to help it finance the purchase of a stake in the Kremlin (IOB: 0Q8D.IL - news) oil major Rosneft, two sources familiar with the transaction said.

Russia said on Wednesday it had sold a stake in Rosneft for 10.5 billion euros ($11.3 billion) to Qatar and Glencore.

Glencore said it would finance part of the deal by putting up 300 million euros of its own equity, with the rest financed by banks and by the Qatari sovereign fund, the Qatar Investment Authority. (Reporting by Dmitry Zhdannikov and Karin Strohecker)