Deals
Glencore Sells $2.5 Billion Stake in Agriculture Unit
- Canada's largest pension fund to acquire 40% holding in unit
- Glencore is selling assets to help curb $25.9 billion of debt
Glencore Sells Agriculture Unit Stake for $2.5 Billion
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Canada’s largest pension fund agreed to pay $2.5 billion for a minority stake in Glencore Plc’s agriculture unit as the commodity trader and miner works to reduce its debt burden.
Canada Pension Plan Investment Board will acquire a 40 percent stake in the division which handles wheat, corn, barley, biofuels, cotton and sugar, according to a statement on Wednesday. The deal places an equity value on the entire business at $6.25 billion. Citigroup Inc. valued it at $10.5 billion in September last year.