CANADA PENSION PLAN, SAUDI FIRM LEAD GLENCORE UNIT BIDS

Canada Pension Plan Investment Board and state- owned Saudi Agricultural and Livestock Investment Co. are among lead bidders for a minority stake in Glencore Plc’s agriculture unit, according to people with knowledge of the matter. The companies are presenting final bids for the unit this month, the people said, asking not to be identified as the information is private. Glencore is open to selling stakes to more than one party, the people said. No final agreements have been reached, they said. Citigroup Inc. has valued the entire unit at about US$ 10.5 billion. The sale is part of a companywide debt-cutting program that Glencore chief executive officer Ivan Glasenberg announced in September. The company has said it’s seeking to complete the sale in the first half of this year.