LONDON: Glencore Plc agreed to sell just-under a 10% stake in its agriculture unit to Canada’s British Columbia Investment Management Corp for $624.9mil in cash as it continues to cut debt.
The commodities trader and miner, which sold a 40% stake in the business to Canada Pension Plan Investment Board for US$2.5bil in April, will retain a majority 50.01% stake, it said in a statement on Wednesday. The agreement takes the value of disposals this year to US$3.2bil, compared to its target for 2016 of US$4bil to US$5bil.
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