New name for Glencore

Glencore agriculture unit has changed its name, a move that further distances the business from the world’s largest commodities trader, but which the company said isn’t a step toward public listing.

The agriculture division has rebranded to Viterra, the name of a Canadian crop handler it acquired in 2012, according to a statement.

The new identity will be implemented in most of the 37 countries where the company operates, with the change scheduled to take place in May in Brazil, Australia, Russia and Ukraine.

The move comes four years after Glencore sold almost half of its agribusiness to the Canada Pension Plan (CPP) Investment Board and British Columbia Investment Management Corporation. The unit has already set up its own legal, technology and financial systems, and CEO David Mattiske said in August the business was ready for its next transition.

“The name change is not a step towards a public listing; it is a progression following the investment by CPP Investments and BCI in 2016,” the company said. “Our shareholders remain supportive of the current structure and share our vision.”

The intention to change names was first announced in August and stoked speculation Glencore wants to divest its stake. The Baar, Switzerland-based trader remains the crop unit’s largest shareholder, holding a 49.99% stake. Canada’s CPP owns 39.99%, while BCI has 9.99% and an employees’ trust 0.03%.

“Glencore has created the business we are today and the strong relationship between the two businesses will continue,” the company said on whether the parent planned to sell its stake. –