Gunvor put up for sale - Kommersant
MOSCOW. May 21 (Interfax) - Switzerland-based Gunvor Group, once the largest exporter of Russian oil, was put up for sale in May, the business daily Kommersant reported, citing market sources.
Gennady Timchenko, one of Gunvor's founders, sold his stake in the company in March to his business partner, Swedish billionaire Torbjorn Tornqvist, one day before the U.S. imposed sanctions on Timchenko.
Talks on sale of 100% of the trading company are underway with a number of potential buyers, including at least one oil company, Kommersant said. Other sources said the sale had been discussed unofficially with Rosneft . A Kommersant source close to Timchenko said "the company is negotiating to bring in partners. That is true. And naturally Rosneft is being considered."
A firm price for Gunvor has not been set, but the discussion is "about $5 billion, give or take."
A Gunvor representative would only comment that "the company is not engaged in a search for a buyer."
After news sources began reporting on Gunvor's possible sale, the company denied this on Twitter. "Russian media reports about Gunvor are false: Gunvor is not for sale and not in talks of any kind," the company said.
