Business World

Friday 20 July 2018

Glencore to sell stake in agri business for €2.2bn

Glencore's billionaire chief executive Ivan Glasenburg was turned down by Rio Tinto in August. REUTERS/Michael Buholzer/Files
Glencore's billionaire chief executive Ivan Glasenburg was turned down by Rio Tinto in August. REUTERS/Michael Buholzer/Files

Global miner Glencore said it had agreed to sell a 40pc stake in its agricultural business to Canada Pension Plan Investment Board (CPPIB) for $2.5 billion (€2.2bn).

Glencore said it expects the deal to close during the second half of 2016 and that it will use the proceeds to reduce debt.

Read more: Glencore increases debt reduction target, deepens spending cuts

Reuters

Business Newsletter

Read the leading stories from the world of Business.

Also in Business