Brunswick aids Russian oil listing

Rosneft, Russia’s state-owned oil and gas behemoth, has drafted in Brunswick amid reports that it is set to raise £3.4bn on the London market.

Brunswick will handle financial comms around the listing of global depository receipts (GDRs), which is set to take place in the middle of next year around the same time as a partial flotation of Rosneft on the Russian stock market.

GDRs are negotiable certificates held in the bank of one country, which represent a specific number of shares of a stock traded on an exchange in another country.

Using a GDR listing helps firms raise money quickly and cheaply without having to meet the London stock market's onerous corporate governance and audit rules.

Rosneft is Russia's third-largest oil and gas company with assets worth up to £33bn.

Earlier this year a Russian government-backed attempt to fold Rosneft into Gazprom, the country's biggest company, was abandoned. But a plan to increase government control of the Russian energy sector by acquiring more than 50 per cent of Gazprom through Rosneft is still going ahead.

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