GLENCORE SELLS STAKE
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.