Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Gunvor Says Timchenko Sells Holding to Partner Tornqvist

Gunvor Group Ltd. co-founder Gennady Timchenko. Photographer: Andrey Rudakov/Bloomberg
Gunvor Group Ltd. co-founder Gennady Timchenko. Photographer: Andrey Rudakov/Bloomberg

March 20 (Bloomberg) -- Gunvor Group Ltd. said billionaire co-founder Gennady Timchenko sold his entire stake in the oil trading company to partner Torbjorn Tornqvist, in a transaction designed to prevent a disruption to its operations.

Tornqvist now holds 87 percent of the company, with senior managers controlling the rest, Gunvor said in an e-mailed statement today. There are no outside investors, the company said. The deal was done yesterday, according to the statement.

Earlier, the U.S. said Russian President Vladimir Putin is an investor in Gunvor, which ranks among the world’s biggest oil traders.

Link to Company News:{37895Z CY <Equity> CN <GO>}

To contact the reporter on this story: Andy Hoffman in Geneva at ahoffman31@bloomberg.net

To contact the editor responsible for this story: Timothy Coulter at tcoulter@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.