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Noble Group Warns of Loss Topping $1 Billion

  • Deal follows sale of smaller gas-and-power unit to Mercuria
  • Shares resume trading in Singapore and drop; bonds rally
Bloomberg business news

Noble Group Warns of Loss as Vitol Buys Oil Unit

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Noble Group Ltd. warned of a more than $1 billion third-quarter net loss as it agreed to sell most of its oil business to Vitol Group, prolonging the embattled commodity trader’s survival while highlighting the challenges ahead.

Details of the sale failed to give much clarity on how much Hong Kong-based Noble Group would ultimately receive from Vitol for its prized oil-trading unit, while the likely third-quarter results highlighted the company’s struggle to return to profitability as it offloads assets to repay debt.