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Glencore Said to Hire Banks to Sell Stake in Grains Unit

  • Commodities trader mandates Citigroup and Credit Suisse
  • Talks under way with dozen wealth funds, Asian trading houses
Ivan Glasenberg, billionaire and chief executive officer of Glencore Xstrata Plc.

Ivan Glasenberg, billionaire and chief executive officer of Glencore Xstrata Plc.

Photographer: Andrey Rudakov/Bloomberg
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Glencore Plc hired Citigroup Inc. and Credit Suisse Group AG to sell a minority stake in its agricultural business, a deal that could value the whole division at as much as $12 billion, according to a person familiar with the situation.

The Swiss-based company is in talks with about a dozen sovereign wealth funds and Asia-based trading houses, according to the same person, who asked not to be identified because the negotiations are private.