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Glencore (GLNCY)  shares rose in London Thursday after the Russian government said the world's biggest commodity group had bought a stake in state-controlled oil company Rosneft OAO  (RNFTF) .

Glencore said in a statement Thursday that it was in "final stage negotiations" along with Qatar's sovereign wealth fund to buy a 19.5% stake in Rosneft, the country's biggest oil group, for €10.2 billion. 

"It is the largest privatisation deal, the largest sale and acquisition in the global oil and gas sector in 2016," said Russian President Vladimir Putin, who met Rosneft CEO Igor Sechin on Wednesday in Moscow.

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Russia has been pushing for privatization of some of its state-owned businesses in a drive to make up downturns caused by economic slowdowns and sanctions.

Glencore shares advanced 1% in the opening 30 minutes of trading in London, against a 0.24% gain for the FTSE 100, to change hands at a 2016 high of 298.6 pence each. Rosneft shares are trading 6.5% higher in Moscow.