Glencore to Sell 9.99% Stake in Agricultural Arm to Canadian Pension Fund
09 Juni 2016 - 2:50AM
Dow Jones News
By Maria Armental
Glencore PLC has agreed to sell a 9.99% stake in its
agricultural business to a large Canadian pension fund as the
commodities giant continues to cut its heavy debt burden.
In April, Glencore agreed to sell a 40% stake in the business to
Canada Pension Plan Investment Board, Canada's largest pension
fund, for $2.5 billion in cash. At the time, Glencore had reserved
a right to sell an additional 20% stake.
The latest deal, valued at $624.9 million, involves British
Columbia Investment Management Corp., which is also part of an
investment group that has made a bid for Australian rail-and-port
operator Asciano Ltd.
Under the terms of the deal, British Columbia Investment
Management would have the right to appoint a director to the unit's
board.
Glencore, which would retain a 50.01% stake, said it would also
take off its books about $3.6 billion of the unit's debt.
Switzerland-based Glencore is the world's third-largest
diversified mining company by market value.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
June 08, 2016 20:35 ET (00:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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