Glencore Says Plans to Sell Agriculture Stake Are Progressingby
Glencore Plc’s plans to sell a stake in its agriculture business are progressing well, according to an e-mail from the commodity trader’s spokesman.
The statement came after Ning Gaoning, the chairman of Cofco Corp., China’s largest food company, said in an interview with Reuters that Glencore wasn’t planning to sell a part of the unit.
Glencore will provide an update at its investor call on Dec. 10, spokesman Charles Watenphul said. The agriculture sale is part of a broader plan to reduce debt and raise money as commodity prices remain stuck at the lowest levels since the global financial crisis of 2008.