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Glencore agrees to sell further stake in Agri unit for US$624.9m

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Glencore said on Thursday it has agreed to sell a 9.99 per cent stake in its agricultural business to British Columbia Investment Management Corp for US$624.9 million, as it continues a push to cut debt.

[MELBOURNE] Glencore said on Thursday it has agreed to sell a 9.99 per cent stake in its agricultural business to British Columbia Investment Management Corp for US$624.9 million, as it continues a push to cut debt.

The deal follows the company's sale of a 40 per cent stake in Glencore Agri to Canada Pension Plan Investment Board for US$2.5 billion in April, and will leave Glencore with a 50.01 per cent stake, with the business to be run by the existing management team.

REUTERS

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