What the papers say: Russia's Rosneft woos investors

Rosneft appeared unstoppable last week as it sought its first IPO on the London and Moscow stock exchanges – Russia's largest flotation.

Expectations of a $10bn sum for a relatively minor 13 per cent stake in the oil firm were met with high-profile bids from energy players such as the UK's BP, Malaysia's Petronas, and China's CNPC.

Other notable investors included Chelsea FC owner Roman Abramovich, who ploughed $300m into the ‘controversial Rosneft IPO', according to The Observer (16 July).

Investors' attempts to politely ignore ongoing litigation and accusations of asset theft, and their tacit acknowledgement that shareholder interests may not be prioritised by the state-owned Rosneft, did not go unnoticed. ‘As a responsible fund manager, you wouldn't put widows and orphans into Rosneft,' said The Observer.

‘You pays your money and you takes your chances,' echoed the Sunday Herald (16 July). Rosneft CEO Sergei Bogdanchikov was unconcerned as ‘theft claims fail to put off the British' (The Independent, 17 July).

There was no doubt that where Rosneft leads, others will follow.

Analysis conducted by Echo Research from data supplied to PRWeek from NewsNow.

www.echoresearch.com; www.newsnow.co.uk

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