Deals
Glencore Sells Stake in Coal Unit to Ramaphosa’s Shanduka
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Glencore International Plc agreed to sell a stake in Shanduka Coal for about 700 million rand ($84 million), ceding a majority holding to its venture partner led by former politician and union leader Cyril Ramaphosa.
The sale by the biggest publicly traded commodities company raises Shanduka Group’s stake to 50.01 percent from 30 percent, according to Phuti Malabie, chief executive officer of the Johannesburg-based venture partner. Shanduka Group will use 370 million rand of its own money and its 30 percent of Kangra Coal to fund the deal, she said by phone yesterday.