GLEN­CORE SELLS STAKE

Finweek English Edition - - THE WEEK -

Min­ing and com­modi­ties trad­ing group Glen­core will sell 40% of its agri­cul­tural busi­ness for $2.5bn to the Canada Pen­sion Plan In­vest­ment Board as part of its plan to cut debt and strengthen its bal­ance sheet. The group is tar­get­ing $4bn to $5bn of as­set sales this year, ft.com re­ported. It has al­ready raised more than $9bn through as­set sales, a $2.5bn cap­i­tal rais­ing and the sus­pen­sion of div­i­dends. Glen­core Agri is one of the big­gest agri­cul­tural ex­porters in Rus­sia, Canada and Aus­tralia. The busi­ness han­dled about 44m tons of grain last year, ft.com said.

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